Saudi Telecom unit's net profit up 14.3% to $191mln on higher revenue

Arabian Internet and Communications reports gains across business units

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Saudi Telecom’s internet-services unit booked a 14.3 percent net profit growth in the first nine months of the year on gains across its business units.  

Arabian Internet and Communications Services said its net profit for January to September 2021 reached 718 million riyals ($191 million), up by 90 million riyals from the same period last year. 

The growth was driven by higher revenue, which went up by 11.9 percent to 5.7 billion riyals over the same period, the company said in a disclosure to the Saudi Stock Exchange (Tadawul). 

The company, which has recently listed on the Saudi bourse, noted that it has made gains across its business units, including its core ICT services, which went up by 11.5 percent; IT managed and operational services (19.8 percent), and digital services (4.9 percent). 

Last month, the company made its debut on Tadawul after raising 3.6 billion riyals through an initial public offering (IPO). 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021

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