Wealth Management by

Saudi Telecom profits up 74.35 per cent

August 11, 2014 4:42 pm

Saudi Telecom reports a 74.35 per cent year-on-year increase in profits for H1 2014, reaching $1.4 billion.

More remarkably, its performance in Q2 was 96 per cent higher than its figures for the same period in 2013. Reasons for this include: a non-recurring and non-cash charge of $161 million from losses due to assets held for the sale related to Axis-Indonesia in Q2 2013; a decrease in losses from investments by $202m in the 12 months to July 2014; and, the decrease in ‘other income and expenses’ by $75m.

Meanwhile, Etihad Etisalat gained profits of $722m in H1 2014, despite seeing a drop of 8.11 per cent when compared with its H1 2013 performance. “The reason for the decrease in net profits is due to the cancellation of the IRU deal with Etihad Atheeb (Go), which led to the write off of $90m of the net profit for this period,” reads a company statement on the Tadawul website.

The Zein Group, however, recorded quarterly losses of $88m in Q2 2014. Although the company has been showing signs of improvement since January, it has reported losses of $172m this year.