TMCnet News
Saudi Arabia : SAUDI ARABIAN STC reported a 54% growth in first quarter net income [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Saudi Telecom Co. (STC) has announced in a statement that its net income during the first three months of this year has increased by an impressive 54%. It has also declared its decision to give out dividends of SR0.75 apiece for the first quarter of 2014 to its shareholders. According to the statement, the operating profit of the Saudi Arabian telecom giant has grown by 20% during the January-March period of the current year, attributable to significant enhancements in global operations and sustained growth of revenues in business sector services. The firm has reported a 24% growth in revenues from the controlled worldwide subsidiary entities (exclusive of Axis Q1, 2013 revenues for judgment purposes) in comparison with the same quarter of 2013. The company s net profit for the first quarter of 2014, following adjustments with all comparable numbers, reflected a growth of 54% to SR 2,391 million over the figures in the same period of previous year, and a 34% decline from the immediately preceding quarter. Considering the remarkable show during the reviewed period, the board of directors of STC has decided to distribute cash dividend of SR1,500 million in total for the Q1, 2014, to its shareholders. The move will see distribution of a cash dividend of SR 0.75 for each share by the telecom major. On the impressive performance of the company, the STC Group Chairman & Managing Director - Abdulaziz Alsugair remarked, The financial results achieved during the first quarter of the current year reflects the efforts being made to constantly evolve, improve and develop the company s strategy and operations both domestically and internationally. He added, Despite the decrease in consolidated revenue for Q1 by 6 percent compared to the same period last year, cost of services and operating expenses during the first quarter decreased 8 percent and 17 percent consecutively compared to the same period last year, as a result to the company s continuous efforts to control cost and improve the overall efficiency of the operations. in the meantime, STC continued to grow its international operations, revenues from the controlled international subsidiaries (excluding Axis Q1, 2013 revenues for comparison purposes) grew 24 percent compared to corresponding period last year. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by Syndigate.info, an Albawaba.com company |