Saudi Telecom’s fourth quarter profit drops as expenses increase – The National

Saudi Telecom’s fourth quarter profit drops as expenses increase – The National

Saudi Telecom's fourth quarter profit drops as expenses increase. Company expects to book profit from the Careem sale in its 2020 first quarter results. Net profit for the three months to December 31 fell to 2.41 billion Saudi riyals (Dh2.36bn), the company said in a statement to Saudi Arabia's Tadawul stock exchange, where its shares trade.. Operating profit for the period slid 31 per cent year-on-year to 2.4bn riyals.. Revenue remained flat at 13.27bn riyals during the quarter.. The company's strategy "to invest in new and diversified domains along with the excellent performance from all STC's subsidiaries and business units, supported by the increase in the number of mobile and fibre optics customers and data revenue" led to an increase of 4.6 per cent in the company's annual revenue, the company's chief executive Nasser bin Sulaiman Al Nasser said in the statement.. For the full year, net profit slid 0.2 per cent year-on-year to 10.75bn riyals despite increases in revenue and operating profit.. Saudi Telecom is majority-owned by the kingdom's Public Investment Fund, which holds a 70 per cent stake in the firm, according to stock exchange data.. It moved up to 242nd place, from 283rd a year earlier, with