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Arabian Internet and Communications Services Co., also known as Solutions by STC, said it made a net profit of SAR273 million ($72.7 million) for the second quarter, up 6.6% year-on-year on the back of higher revenue.
Sales and revenue for the quarter increased by 16% to SAR2.25 billion, the Saudi Telecom Co.’s internet services unit said in a bourse filing on the Saudi Stocks Exchange (Tadawul).
Revenues rose mainly due to the increase in each of core ICT service by 20.8%, IT managed and operational services by 21.8% and digital services by 0.1%, the company said.
Other income rose by SAR4 million. However, zakat expense also increased by SAR10 million.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
