DUBAI: Saudi Telecom Company (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 SR2.38 billion in the three months to June 30. This compares with a profit of SR2.20 billion 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 SR2.42 billion.
STC鈥檚 new $500 million (SR1.87 billion) 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.
Saudi Telecom second-quarter profit up 8%
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