Bullish first quarter results boost Saudi Telecom share price
2012-04-18 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Riyadh-based Tadawul All Share Index added 0.03% Wednesday, closing at 7,513.85 points. Market leader Sabic dipped a quarter percentage point and finished at SR102. Saudi Telecom Company or STC soared 2.50% to reach SR41.20. Earlier in the day, STC revealed its net income during the 1st quarter amounted to SR2.52bn compared to SR1.57bn for the corresponding quarter last year, with an increase of 60%, and compared to SR2.34bn for the immediately prior quarter, with an increase of 8% as per the audited annual financial statements. STC commented on the Q1 report: "The increase in net income for the first quarter of 2012 compared to the same period last year is attributed to the 12% increase in operating revenue which came as a result to the growth in all of the group services revenue, PSTN, ALJAWAL (mobile), Business sector and Wholesales." STC also claimed that "the overall improvement in operations efficiency have contributed to this increase." Since January 1, STC shares advanced by 21%, outperforming the market gauge Tasi (up 17.08% year-to-date).  

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