Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

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Updated 25 October 2021
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Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

RIYADH: Saudi telecom giant “stc” said its net profit for the first nine months of 2021 increased by SR295 million ($78.64 million) or 3.5 percent to SR8.7 billion compared to a year ago.

The company said in a filing that this was the result of the increase in revenues by SR3.6 billion and a decrease in operating expenses by SR627 million due to the decrease in general and administration expenses and selling and marketing expenses.

Data center

The Arabian Internet and Communications Services Co. (Solutions by STC) on Sunday signed several contracts with the Saudi Telecom Company to build a modern data center in NEOM, according to a stock exchange filing.

The contracts, valued at SR201.3 million, will contribute to the establishment of the data center’s infrastructure, cloud platform and other applications.

The project aims to design and build digital solutions for NEOM Telco Park’s digital platform as well as data center support starting from the concept to project delivery. 

It also includes data center campus enablement, system integration, infrastructure services, and physical security solutions, a digital platform enabling NEOM to provide private cloud services to its customers, solutions and technology maintenance and support.

The project delivery and implementation will be within one year starting from the contract signing date, involving support services for three years.


Jordan, Lebanon sign 21 cooperation agreements across various fields

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Jordan, Lebanon sign 21 cooperation agreements across various fields

RIYADH: Jordan and Lebanon have sealed 21 cooperation agreements across various fields, including energy, electrical interconnection, and industry.

Jordanian Prime Minister Jafar Hassan and his Lebanese counterpart, Nawaf Salam, witnessed the signing of the deals between the two countries, following their chairing of the eighth session of the Jordanian-Lebanese Joint Higher Committee in Beirut, the Jordan News Agency, or Petra, reported.

Additional areas of cooperation included trade, investment, and tourism, as well as transport and several service sectors.

This reflects the ongoing trade relationship between the two countries. In 2023, Jordan exported $101 million worth of goods to Lebanon, while Lebanon exported $111 million to Jordan, according to data from the Observatory of Economic Complexity.

Petra stated: “In joint press statements after the signing of the agreements, Hassan said that Jordan will continue, as it always has, to support Lebanon and to stand by its security, stability and sovereignty.”

It added: “He stressed that supporting Lebanon is a firm Jordanian position under the continuous guidance of His Majesty King Abdullah II, who tasked him with working intensively to translate the historic relations between the two countries into comprehensive cooperation across all fields.”

The prime minister noted that despite the absence of a shared border between Jordan and Lebanon, the two nations are closely connected through long-standing ties of communication, cooperation, and integration at both official and public levels, extending across economic and cultural spheres.

He further stated that both countries are committed to reinforcing these ties and advancing their relationship, with the next phase expected to see broader institutional cooperation that serves the interests of Jordan and Lebanon.

Hassan underlined that the Joint Jordanian-Lebanese Higher Committee convened again, highlighting the two sides’ commitment to maintaining and regularly holding these meetings in line with the strong fraternal ties.

The prime minister added that both sides agreed to maintain ongoing communication and coordination among ministers, officials, and technical teams to ensure the implementation of the agreed accords and to explore future areas of cooperation in ways that serve the interests of both countries and their peoples.