Saudi STC top telecom company in MENA region: Forbes

The telecom giant also came in fifth place among the Arab companies listed on the stock market

  
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

REUTERS/Faisal Al Nasser

Saudi Arabia - The Saudi Telecom Company (STC) has topped the Forbes list of powerful telecom companies in the MENA region. The telecom giant also came in fifth place among the Arab companies listed on the stock market and 335th place internationally.

Forbes announced its annual “Global 2000” list, which includes 2,000 international companies ranked according to the value of their assets, market value, and net profits and revenues in equitable shares. In 2019, Forbes selected STC among the 44 best digital companies in the world and first in the MENA region.

While STC’s revenues increased by 4.64 percent during 2019, the company’s net profit rose by 5.93 percent during the first quarter of 2020 compared to the same quarter of the previous year.

The MENA list included 40 companies from the Arab region, led by the Saudi Aramco, which ranked fifth in the world.

Saudi Arabia topped the Arab countries included in the list with 14 companies out of a total of 40 companies in the region. Among the most prominent Saudi companies on the list is SABIC, which came in third in the Arab region and 12th in the world.

Copyright: Arab News © 2020 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Technology