The Saudi Telecommunications Company (STC) clinched a net profit of SR 12,447 million in the last 12 months ending on December 31, 2005. STC's net profits in the same period in the previous year amounted to SR 9, 314 million. Khalid bin Abdullah al-Mulhim, STC's President said the company's board of directors recommended at its meeting here on Saturday, a hike in the company's capital by awarding a free share for each three shares, which will amount to SR 5,000 million of the remaining profits after the approval of the concerned authorities and the company's General Assembly. He added that the initial profit amounting to SR 3,000 million for the fourth quarter of the fiscal year 2005 will be distributed to the shareholders. --MORE 10 51 Local Time 07 51 GMT
