Telecom Inventory
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The Gulf region’s no. 1 telecommunications operator, Saudi Telecom, posted a 6.7% increase in 2nd quarter profits, beating the forecasts made by several analysts. The higher-than-expected growth rate was attributed to the rise of domestic broadband consumption, higher revenues from international operations, as well as an increase in business services and wholesale service sales.
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China’s Huawei Technologies HWT.UL is in talks with Gulf telcos Etisalat ETEL.AD and Saudi Telecom 7010.SE to manage their fixed-line networks, an executive said, potentially cementing its leadership of a $1 billion regional industry.
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Saudi Telecom Company (STC) says a target to boost foreign operations to half of its total business is still realistic, despite the operator’s failed bid to enter the Syrian market.
The company last year reported revenue of 56 billion Saudi riyals (Dh54.8bn), with about 32 per cent of that coming from outside Saudi Arabia.
It had aimed to expand the overseas contribution to 50 per cent by the end of next year but has faced difficulty because of scant acquisition targets and few telecommunications licences being offered.
