Saudi Telecom Co Q2 profit up 8 pct, in line with forecasts

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Saudi Telecom Co (STC) reported an 8 percent rise in second-quarter profit on Wednesday, broadly in line with the average forecast of four analysts.

The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of $635 million (2.38 billion riyals) in the three months to June 30. This compares with a profit of 2.20 billion riyals in the prior-year period, a bourse statement said.

Four analysts polled by Reuters had on average forecast STC, which owns stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of 2.42 billion riyals.

STC’s new $500 million venture capital fund said in May it expected to complete its first transaction by the fourth quarter
of this year

In a separate statement, STC announced a dividend of 1 riyal per share for the second quarter, the same as for the year earlier period.

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