Telcos claim 55pc of profit growth in Saudi
Riyadh, January 30, 2014
The telecom sector of Saudi Arabia claimed 55 per cent of the overall profit growth of the listed companies, a report said.
The sector posted profits of SR14.8 billion ($3.95 billion) in 2013 as against SR11.3 billion in 2012, marking an increase of 31 per cent, according Al-Eqtesadiah daily, reported Arab News.
Profits of the Saudi Telecom Company (STC) rose by 37 per cent to nearly SR10 billion in 2013 compared to SR7.3 billion in 2012. While share of STC to the overall profit growth of the telecom firms stood at 77 per cent by the end of 2013, Mobily’s share was 18 per cent, Zain KSA 3 per cent and Etihad Atheeb Telecom (GO) 2 per cent, the report said.
Mobily’s profits surged 11 per cent to SR6.7 billion as against to SR6 billion in 2012. Zain KSA cut its losses to SR1.65 billion in 2013 compared to SR1.75 billion in 2012, marking 6 per cent.
Etihad Atheeb slashed its losses by 24 per cent to SR177 million in the first nine months of its financial year (December 2013) compared to SR243 million in 2012, the report said. – TradeArabia News Service