Saudi Telecom’s Q1 profit rises as it gains from Uber-Careem deal – The National

Saudi Telecom’s Q1 profit rises as it gains from Uber-Careem deal – The National

Saudi Telecom's Q1 profit rises as it gains from Uber-Careem deal. Saudi Telecom Company, the biggest telecoms operator in the kingdom by market value, reported a 5.9 per cent increase in its first-quarter net profit, propelled by a one-off gain from the sale of the company's direct share in Careem to Uber.. Net profit for the three months to March 31 increased to 2.91 billion Saudi riyals (Dh2.85bn), the company said in a statement to Saudi Arabia's Tadawul stock exchange, where its shares trade.. The company's revenue increased 4.1 per cent yearly to 13.94bn riyals during the quarter.. STC earned a one-off gain of 431 million riyals from the sale of its 8.8 per cent stake in Careem to Uber.. The California-based ride hailing company completed the acquisition of Careem in January this year.. STC is majority-owned by the kingdom's Public Investment Fund, which holds a 70 per cent stake in the telco.. Owing to its innovative business solutions, the telco was able to grow its business in the first quarter despite the challenges posed by the coronavirus outbreak, Mr Al Nasser said.. The operator extended the time frame for acquiring a majority stake in Vodafone's Egyptian unit by 90