Saudi Telecom 4Q profit nearly doubles

Saudi Telecom Company (STC) posted a net profit of SAR3.27 billion (USD872 million) in the fourth quarter of last year, a 99% rise on the corresponding period of 2004 despite a far lower rise in turnover. Revenues in 4Q05 rose by only 9% to SAR8.47 billion, the company said in a statement. Net income for full-year 2005 stood at SAR12.45 billion, slightly below analysts’ forecasts but up 34% on 2004, whilst annual turnover rose by 7% to SAR32.54 billion despite STC reporting ‘major’ cuts in tariffs.