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Saudi Telecom Company (STC), the kingdom's biggest mobile operator, said net profit for Q3 2024 fell over 5% to 4.64 billion riyals ($1.23 billion)
The effort, however, easily beat the average analyst estimate of SAR 3.53 billion, according to LSEG data.
The fall in net profit was attributed to STC booking a gain from the sale of land in Alkhobar City for SAR 1.29 billion in the comparable quarter last year.
Revenue rose 3% to SAR 18.6 billion driven by growth in all KSA business.
The telco has increased annual dividend by 37.5%, from SAR 1.6 to SAR 2.2 per share, starting from Q4 2024. This raises the total annual dividend from SAR 8 billion to SAR 11 billion over the next three years.
(Reporting by Brinda Darasha; editing by Seban Scaria)
