RIYADH: Saudi Telecom Co. has reported higher profits of SR3.04 billion ($809 million) in the first quarter of 2022, on the back of strong demand.
Net profit increased by 2.8 percent from SR2.95 billion a year earlier, fueled by an 8.3-percent revenue surge to SR17 billion, the Riyadh-based telecom operator said in a statement.
The results were driven by “the strong performance witnessed in the enterprise business unit,” which was able to grow its revenues by 16.3 percent, said stc’s chief executive officer, Olayan Alwetaid.
The hike was supported by the wholesale business and consumer business units, which saw their sales soar 7.8 and 5.9 percent, respectively, Alwetaid added, noting that a rise in subscriptions also beefed up the firm's performance.
Separately, stc said it will distribute dividends of SR2 billion, or SR1 per share, for the first quarter of 2022.
Alwetaid said the firm had been deemed the most valuable telecom brand in the Mideast, with a brand value of $10.6 billion.
“We will continue to commit to being a vital resource for the national economy and a major enabler of digital transformation according to the KSA Vision 2030 goals,” he concluded.
