Riyadh – Mubasher: The Saudi Telecom Co (STC) achieved an increase of 6.26% in net profits, after Zakat and tax, during the first quarter of 2019 compared to the corresponding period a year ago, while the profits decreased by 11.5% when compared to the fourth quarter in 2018.

STC’s net earnings grew to SAR 2.75 billion in Q1-19 from SAR 2.59 billion in Q1-18, according to a bourse disclosure to the Saudi Stock Exchange (Tadawul) on Monday.

Revenues enlarged by SAR 1.04 billion in Q1-19, while revenues costs grew by SAR 68 million, in addition to a decline of SAR 135 million in sales and marketing expenses.

Operating expenses of STC increased by SAR 326 million over Q1-19, due to a rise of SAR 245 million in administrative and general expenses, while depreciation and amortisation went up by SAR 216 million.

STC Group CEO Nasser bin Sulaiman Al Nasser commented: “Part of the company's strategy is to invest in new and diverse domains that can enable the digital transformation and enrich the customers’ experience. STC will continue to play its role as an incubator for creative projects and ideas that capture the rapid changes in the telecom industry, customer needs and requirements as both innovation and investment are key factors to accelerate and achieve the digital transformation.”