The quarterly profits of the Arab Internet and Communications Services Company (Solutions) exceeded analysts’ expectations of 317 million riyals, rising 29% in the third quarter of this year to 387 million riyals ($1 million), according to a company disclosure today, Sunday, on the main Saudi stock market website, Tadawul.
The increase in profits, according to the disclosure, was supported by an increase in revenues of 37% to 2.8 billion riyals, which was offset by an increase in revenue costs of 30%, or an amount of 459 million riyals, to about two billion riyals during the third quarter.
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The company, which is 79% owned by Saudi Telecom Company (stc), recorded during the first nine months of 2023 a growth in profits of 20.3% to reach 1.03 billion riyals ($275 million), according to what the announced data showed.
