Saudi Telecommunications Co (STC) said on July 14 its first-half net profit rose 15 percent to 5.91 billion riyals ($1.58 billion), boosted by growth in its number of services and customers. Second-quarter profit increased 10 percent to 2.9 billion riyals over the same period last year, STC said in a statement posted on the Saudi stock market Web site.
First-half operating income reached 15.96 billion riyals, an increase of 7 percent. The company decided to issue a 14 riyal first-half dividend worth 4.2 billion riyals on August 6 - up from 12 riyals last year.
The announcement was made after the market closed for the week, with STC shares last trading down 1.66 percent at 889.5 riyals. The company is the kingdom's second largest listed firm in terms of market capitalisation.
The majority state-owned firm has a monopoly on fixed lines but faces competition for the first time this year in mobile phones.
Recently launched rival Etihad Etisalat (Mobily) aims to make inroads into Saudi Arabia's rapidly growing telecommunications market, the largest in the Gulf.
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