Riyadh – Mubasher: The Saudi Telecom Company (STC) expect to launch fifth-generation (5G) wireless networks during the second half of 2019, CEO Nasser Bin Sulaiman Al Nasser said.

STC also plans to win additional frequencies from the Ministry of Communications and Information Technology that will contribute to developing 5G networks, Al Nasser added on the sidelines of the World Economic Forum (WEF), being held in Davos, Switzerland.

The Saudi telecom operator also revealed plans to expand its data sector owing to the large yields generated by this sector.

On a separate note, the CEO said that his firm may invest in sukuk during the coming period.

On Wednesday, STC reported a 22% year-on-year rise in profits during the fourth quarter of 2018, reaching SAR 3.11 billion, compared to SAR 2.55 billion.

During the full year 2018, STC’s profits after calculating Zakat and Tax increased to SAR 10.79 billion from SAR 10.02 billion in 2017.

By 10:54 am Saudi time, STC’s stock levelled down 0.39% to SAR 101.60.