Saudi Telecom Company (STC), the kingdom’s largest mobile operator, reported a net profit of 13.29 billion riyals ($3.54 billion), an increase of 9.2%, compared to SAR 12.17 billion a year ago.

The profit growth was due to revenue rising SAR 4.90 billion year-on-year (YoY), offset by a SAR 4.49 billion increase in the cost of revenues. Therefore, gross profit rose by SAR 410 million YoY.

Revenue hit an all-time high, rising 7.3% YoY to SAR 72.33 billion last year.

Operating profit, however, declined by 5.9% YoY to SAR 1.2 billion.

The telecom major announced a 4% cash dividend, or SAR 1.99 billion, for the fourth quarter of 2023. In addition, the company announced a special dividend of SAR 1 per share, or SAR 4.98 billion, for 2023.

(Editing by Seban Scaria