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solutions pens SAR 138m deal with stc

solutions pens SAR 138m deal with stc
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STC
7010
-3.74% 39.85 -1.55
SOLUTIONS
7202
24.05% 380.60 73.80

Riyadh – Mubasher: Arabian Internet and Telecommunication Services Company (solutions) penned a SAR 138 million deal with Saudi Telecom Company (stc) on 8 December 2022.

stc will provide solutions’ customers with normal and gold bulk-SMS service by connecting the latter’s devices to the short message service center (SMSC) of stc, according to a bourse filing.

The 12-month agreement will start reflecting on solutions’ financial results from the fourth quarter (Q4) of 2022.

Earlier, the two entities signed agreements at a total value of SAR 372.92 million.

In January-September 2022, solutions recorded 19.22% higher profits after Zakat and tax at SAR 856 million, compared to SAR 718 million during the same period a year earlier.

Meanwhile, stc reported a net profit after Zakat and tax worth SAR 9.41 billion in the first nine months (9M) of 2022, up 8.22% year-on-year (YoY) from SAR 8.69 billion.