Source: Davos – Alaa Al-Menshawi
The Saudi Telecom Company announced today, Wednesday, the preliminary financial results during 2019, as it achieved a net profit of 10.75 billion riyals, down 0.2% from the year 2018, in which the company achieved a net profit of 10.78 billion riyals.
Nasser told Al Arabiya Net on the sidelines of the World Economic Forum in the Swiss city of Davos that last year’s results were excellent, as we achieved 5% revenue growth, and we maintained 7% profit growth before taxes and depreciation.
He pointed out that the decline in profits in the fourth quarter of 2019 is due to the high cost of customer acquisition, which is a tactical plan to obtain customers, in addition to the cost of launching the new feature.
He pointed out that the new feature of the group came in line with the new stage from a traditional operator to a non-traditional operator, which the company is currently living in.
Al-Nasser ruled out banning the Chinese company Huawei globally, saying, “We had an alternative plan, and I rule out the banning of Huawei, and in Saudi Arabia we have 3 companies, and Huawei is one of them.”
Al-Nasser said that Saudi Telecom has in the field of cooperation with international companies, in addition to Huawei, Ericsson and Nokia.