Riyadh – Mubasher: The Saudi Telecom Company (STC) on Sunday posted a 2.1% year-on-year rise in net profits in the first quarter of 2018, compared to the year-ago period.

STC’s net profits stood at SAR 2.59 billion during Q1-18, compared to SAR 2.54 billion in Q1-17, according to a bourse statement.

The Saudi telecommunications provider attributed the rise in its first-quarter profits to a SAR 211 million drop in services’ cost.

“Consolidated revenues decreased by SAR 138 million, which resulted in the SAR 73 million increase in gross profits,” the statement added.

The company’s services revenues fell 1.1% to SAR 12.39 billion during Q1-18, compared to SAR 12.52 billion in the year-ago period.

Quarter-on-quarter, STC’s profits inched up 0.08% in Q1-18, compared to Q4-17.

The stock rose 1.8% to close Sunday at SAR 83.20.