RIYADH: Information technology firm solutions by stc, a unit of Saudi telecoms giant stc, has posted a 19 percent profit surge for the first nine months of 2022, driven by higher revenues.
Its net profit reached SR856 million ($228 million), compared to SR718 million in the corresponding period a year earlier, according to a bourse filing.
Formally known as Arabian Internet and Telecommunication Services Co., the firm attributed the profit jump to an increase of 20 percent in revenue to SR7 billion.
It added that the profit hike came despite higher operating expenses, up by SR65 million due to higher administrative and marketing costs.
During the third quarter of the year, solutions reported 17 percent jump in profits to SR300 million.