Saudi Telecom Co. (STC) reported a 9 percent increase in second-quarter net profit, beating forecasts, thanks to higher revenue from broadband services at home and international operations. STC made a net profit of SR2.256 billion ($601.6 million) in the three months to end-June, compared with SR2.062 billion in the same period a year earlier, the operator said in a statement posted on the bourse website. “The increase in net income ... is attributed to a strong growth in revenues from domestic fixed and mobile broadband and content services, in addition to higher revenues from international operations,” the statement said. It did not give financial details of income from operations abroad. STC Group CEO Saud Al-Daweesh said earlier that achievements abroad are “testimonies of the great capabilities of STC Group” and are fulfillments of “our promise to provide added value to our customers across our international operations relying on our global status as one of the top 20 telecommunications groups in the world.” Operating income rose 19 percent to SR2.783 billion in the quarter, said STC, the largest Gulf Arab operator by revenue. Earnings per share were SR1.92 in the first half of the year, unchanged from a year earlier. The company proposed to pay a dividend of SR0.50 per share for the second quarter, it said. Meanwhile, STC revealed part of its strategy that affirms its leadership in advancing technology by developing its interactive television service (Invision) and by expanding and increasing Invision channels to 150 with 3 months free subscription. The offer also includes a variety package of quality television programs this Ramadan allowing customers to view their favorite programs without adhering to the viewing times by making use of the Invision features that enable customers to manage the viewing times and watch what they please with full control over viewing times whenever they like. Invision allows customers to review any program that has been aired for one week on any channel. The company confirmed that it was able to develop and upgrade the Invision service and increase its portfolio to 150 channels with HD channels.
