Saudi Telecom Company, the biggest telecoms operator in the kingdom by market value, reported a 3.6 per cent year-on-year increase in second-quarter net profit, underpinned by a drop in operating expenses in three months to June 30.
Net profit increased to 2.8 billion Saudi riyals ($746.5 million) in the April-June period, the company said in a statement to Saudi Arabia's Tadawul stock exchange, where its shares trade.
Revenue for the quarter rose 6.6 per cent on an annual basis to 15.9bn riyals, almost 980m riyals more than the same period last year.
STC is majority owned by the kingdom's sovereign wealth fund Public Investment Fund, which holds a 70 per cent stake in the company. The Riyadh-based telecoms operator has more than 13,500 employees in Saudi Arabia and more than 19,000 across the group.
The company’s operating profit rose more than 6 per cent annually to 3.3bn riyals in the second quarter.
Its operating expenses were cut by 177m riyals in the second quarter as selling and marketing costs fell by 73m riyals and general and administration expenditures reduced by 201m riyals. But this was offset by an increase in depreciation and amortisation by 97m riyals, STC said.
STC proposed an interim dividend of 1 riyal per share, equating to about 2bn riyals, to its shareholders for the second quarter.
The company is also rolling out a fifth-generation network across the kingdom. By February, it had deployed its 5G network in more than 47 cities.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
more from Janine di Giovanni
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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