Saudi Telecom Company (STC) said its first-quarter 2024 net profit rose 6% to 3.28 billion Saudi riyals ($874.56 million), compared to SAR 3.10 billion a year earlier.

The net profit cane in a shade above analysts’ mean estimate of SAR 3.13 billion, according to LSEG data.

The telco’s topline rose 5% year-on-year (YoY) to SAR 19.1 billion during the quarter on higher segment and subsidiary revenues.

Operating expenses fell by SAR 547 million, mainly due to a SAR 286 million drop in general & administrative expenses, a SAR 163 million slide in selling and marketing expenses, and a SAR 98m decline in depreciation and amortisation costs.

The number of fixed subscribers rose 2.2% YoY to 5.56 million, while mobile subscribers jumped 10.4% YoY to 26.92 million in the first quarter.

The company also announced the payment of nearly SAR 2 billion in dividends for the first quarter.

(Editing by Brinda Darasha;