Riyadh – Mubasher: Saudi Telecom Company (STC) on Thursday reported a 3.7% year-on-year rise in profits during the second quarter of 2018.

STC generated a profit of SAR 2.44 million in Q2-18, compared to SAR 2.36 billion during Q2-17, according to a bourse filing.

Quarter-on-quarter, profits tumbled 5.6% in the period between April and June, from SAR 2.59 billion.

The telecommunication services provider attributed the second-quarter profit growth to an increase in revenues, coupled with lower operating expenses.

STC posted SAR 141 million in revenues during the three-month period ended last June, whereas operating expenses decreased by SAR 116 million.

At the level of the first six months of 2018, STC logged a 2.9% profit rise to SAR 5.03 billion, compared to SAR 4.89 billion in H1-17.

STC’s stock shed 0.80% to close Thursday at SAR 86.80.