Saudi Telecom (STC) said second-quarter net profit beat forecasts to rise 24 percent, on higher income from foreign ventures as well as domestic mobile and broadband services.
STC, the second-largest Arab telecom provider by market value, made a net profit of 3.84 billion riyals ($1.02 billion) in the three months to June 30, compared to 3.1 billion riyals in the same period a year earlier, it said in a statement on the Saudi bourse website.
It was STC's highest quarterly net profit in at least 12 months. Annual quarterly profit growth also more than doubled compared to the first-quarter when it was at 11.4 percent.