STC
7010
-4.35%
39.60
-1.80
7010
Riyadh-Mubasher: Saudi Fransi Capital placed a ‘Buy’ recommendation on Saudi Telecom Co. (STC), setting the target price at SAR 82.
The research firm said the telco’s second-quarter earnings were below average forecasts.
The kingdom’s leading telecom operator made net earnings of SAR 2.6 billion in Q2, falling 9% compared with SAR 2.8 billion a year earlier.
The six-month net income declined 3% year-on-year from SAR 5.2 billion to SAR 5.1 billion.
The telecom operator attributed the profit decline to high operating expenses and fall in net revenues and other expenses.
Source:
Mubasher