Three Tadawul-listed telecom companies post $3bln profit in 2019
Saudi Telecom Company's net profit decreased by 0.23% in 2019
A man checks his mobile phone next to a screen with Saudi Stock Exchange (Tadawul) prices in Riyadh, Saudi Arabia September 16, 2019. REUTERS/Stringer
By Staff Writer, Mubasher
Riyadh – The consolidated net profits of three telecommunication companies listed on the Saudi Stock Exchange (Tadawul) grew by 2.57% year-on-year to SAR 11.27 billion in 2019, according to data compiled by Mubasher.
Saudi Telecom Company (STC) led telecom companies in the market in terms of profits during the fiscal year 2019.
STC’s net profit after zakat and tax decreased by 0.23% in 2019 to SAR 10.755 billion, down from SAR 10.78 billion in 2018.
Etihad Etisalat Company (Mobily) achieved a net profit of SAR 31 million last year, against losses of SAR 123 million in 2018, as shown by its annual consolidated financial results for 2019.
Meanwhile, Mobile Telecommunication Company Saudi Arabia’s (Zain KSA) net profit after zakat and tax amounted to SAR 485 million last year, up from SAR 332 million a year earlier.
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