Saudi Telecom Q4 revenue up 5.2% to $3.15 billion

Saudi Telecom (STC) on Monday said its fourth quarter revenue rose 5.2 percent to 11.85 billion riyals or $3.15 billion.

STC Group Chairman Abdulaziz al-Sugair said that the company would evaluate options over its international portfolio, without giving specific details, said a Reuters report.

The telecom venture has been focusing on its domestic business under Sugair, who took over in June 2012. It sold its Indonesian subsidiary AXIS in September 2013.

Saudi Telecom’s Q4 2014 net profit dipped 32.6 percent to 2.44 billion riyals or $649.8 million as gains on a property deal with the government failed to make up for higher expenses and losses on investments.

Saudi Telecom


STC, which own stakes in telecom operators in the Gulf, Turkey, South Africa and Asia, said a 19 percent year-on-year rise in expenses was behind the decrease in net profit.

This included a 399 million riyal one-time impairment on its 35 percent stake in Dubai-based operator Oger Telecom, which owns a 55 percent stake in Turk Telekom.

STC booked 164 million riyal loss because of an accounting method change for its investment in Indian telecom operator Aircel. The Aircel accounting change was behind a nine-fold year-on-year profit growth recorded in the same quarter of 2013.

Baburajan K
[email protected]