Soaring demand for broadband helped Saudi Telecom Co (STC) post a 60 percent increase in first-quarter profit on Wednesday, with the former monopoly reporting rising revenues in its mobile, fixed line, corporate and wholesale units.
The former monopoly, which will pay a quarterly dividend of 0.5 riyals per share, made a profit of 2.52 billion riyals ($672 million) in the three months to March 31, up from 1.57 billion riyals in the year-earlier period.
