0
General

STC profits hit by impairment charges

Monday 21 January 2013 | 11:06 CET | News
Saudi Telecom Company (STC) reported a 6.7 percent increase in revenues for 2012, to SAR 59.37 billion. The increase in revenues was attributed to growth in broadband (fixed & mobile), the business segment and wholesales services. Net income amounted to SAR 7.35 billion, down 4.9 percent from 2011. This was due to charges in Q4 to write down the value of investments in Cell C in South Africa and Aircel in India. 

As a result of the impairment charges of SAR 641 million and STC's share of extra regulatory fees for Aircel of SAR 544 million, net profit in the fourth quarter fell 79 percent to SAR 468 million. Excluding the charges, STC said net income would have been SAR 8.54 billion for the year, an increase of 10.4 percent compared to 2011. 

The board recommended the distribution of SAR 1.0 billion in cash dividends for Q4 2012, equal to SAR 0.5 per share. 

STC's total domestic mobile customer base increased 9.3 percent compared to Q4 2011 and 2.6 percent compared to Q3 2012. The fibre-optic network reached over 500,000 homes passed by year-end and counted more than 100,000 connected customers. 


Categories: General
Companies: Aircel / Cell C / Saudi Telecom / STC
Countries: Middle East
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.






Mobile payment usage grows among 30-​39 year olds (1% vs. 4%)
Netherlands  |  July 2014

Calendar   /   Industry Events

22 Sep MVNOs Industry Summit Middle East
22 Sep Customer Experience Management , Telecoms European Summit
22 Sep Mobile Video Summit
22 Sep Nordic and Baltic Telecoms Executive Forum
24 Sep LTE Asia
24 Sep Millicom Capital Markets Day
24 Sep Telematics Brazil & LATAM
26 Sep BlackBerry fiscal Q2
29 Sep GlobalPlatform Presents the TEE
30 Sep TMT Finance & Investment CEE
::: More Calendar Items