Saudi telecoms firms post 59% surge in Q3 earnings

November 9, 2013 12:00 am

Profits of the Saudi telecoms sector grew by 59% to SR4.6bn in the third quarter of 2013, compared with SR2.9bn in the same period last year, Arab News has reported. The major boost of the sector profits came from Saudi Telecom Co (STC) whose share was 84% of the sector’s profit growth. STC’s profits rose by 73% to SR3.4bn in the third quarter, compared with around SR2bn a year ago.