Saudi Telecom Co. (STC), the Gulf region's No. 1 telecoms operator, has appointed Abdulaziz Bin Abdullah Al-Suqair as chairman and Mohammad Al-Kharashi as vice-chairman, it said after the board of directors' meeting Saturday. The pair were appointed for a period of three years, STC said. The Board also named its sub-committees, according to adopted responsibility and authority levels. Al-Sugair expressed his sincere appreciation to the Board for the great confidence bestowed on him and looked forward to the new board playing an active role in the growth and prosperity of the company. STC said early this month that its first-quarter net profit increased 60 percent year-on-year to SR2.52 billion ($671 million), as it added more mobile and fixed broadband customers. Chief Executive Saud Al-Daweesh resigned earlier this month. STC's shares last traded 0.7 percent down at SR42. STC has reported a 60 percent increase in first-quarter net profit, as revenue in its mobile, fixed line, corporate and wholesale divisions rose. STC made a profit of SR2.52 billion in the three months to March 31, up from SR1.57 billion in the year-earlier period. For the first quarter, the company reported a 12 percent increase in consolidated revenues which reached SR14,679 million compared to SR13,076 million in Q1 2011. Operating profit for the first quarter increased 19 percent to reach SR3,178 million.
