Mubasher TV
Contact Us Advertising   العربية

Fransi Capital recommends ‘Buy’ on STC, sets TP at SAR 82

Fransi Capital recommends ‘Buy’ on STC, sets TP at SAR 82
Photo Archive
STC
7010
-4.35% 39.60 -1.80

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.