Saudi Telecom Co. (STC) posted 60 percent increase in first quarter net profit at SR2.52 billion ($671 million) as it added more mobile and fixed broadband customers. Its quarterly revenue reached SR14.7 billion, up from SR13.1 billion in the corresponding period of 2011, STC said in a statement posted on the Saudi bourse website Wednesday. “Domestic revenues from mobile broadband services grew 145 percent in first-quarter 2012 to compared to the same period in 2011. This can be partially attributed to the growth in the number of domestic mobile subscribers which increased by 14 percent compared to the same period last year, as a result of the innovative packages and bundles that STC has introduced,” STC said. Fixed broadband customers increased 22 percent on the year in the first-quarter, STC said, which can be attributed to the growth in the number of fiber to the home, or FTTH, service subscribers. It also said it plans to connect 500,000 homes with fiber by the end of 2012. Earnings per share for the first three months of the year came in at SR1.26 versus SR0.79 a year ago, while revenue from services for the first quarter increased to SR14.7 billion, from SR13 billion in the same quarter last year. In a separate statement, STC said its board of directors has recommended paying a dividend of SR1 billion, or SR0.50 a share, for the first quarter. STC shares closed 2.5 percent higher at SR41.30 in a broadly unchanged market.
