STC posts a fall in Q3′08 net profits driven by increased costs related to expansions in the Middle East and Asia. Net profit slipped to SAR3.01 billion ($803.7 million) from SAR3.14 billion in 2007. Operating revenues rose by 58% to SAR13.54 billion while operating profit were up by 20.5% at SAR4.2 billion.
STC has won third mobile licence in Kuwait and also shown interests in operations in Malaysia, Indonesia and India through its 25% stake in Malaysia’s Maxis Communications. Additionally, it owns 35% of Dubai-based Oger Telecom which has telecoms operations in Turkey, South Africa, Romania, Saudi Arabia, Lebanon and Jordan, and it is among the bidders for a 25% stake in Oman’s dominant wireline and wireless operator Omantel.
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STC reports net profits of $803.7Mn in Q3′08, plans expansion (Saudi Arabia)
- October 30th, 2008
- 6:37 am
