Saudi IT firm solution by stc posts higher profit of $148m as revenues jump in H1

RIYADH: solutions by stc, a unit of Saudi telecom giant stc, has posted a 21 percent profit surge for the first half of 2022, driven by higher revenues.

Its net profit reached SR556 million ($148 million), compared to SR461 million in the corresponding period a year earlier, according to a bourse filing.

Formally known as Arabian Internet and Telecommunication Services Co., the firm attributed the profit jump to an increase of SR869 million in revenue to SR4.7 billion.

It added that the profit hike came despite higher operating expenses, up by SR66 million due to higher administrative and marketing costs.