STC Appoints Abdulaziz Al Suqair as Chairman

Saudi Telecom (STC), the kingdom’s largest phone company, named Abdulaziz Al Suqair as chairman and Mohammed Al Kharashi as vice chairman.

The company made the announcement in a statement to the Saudi bourse today.

Earlier this month, Saud al-Daweesh resigned from his position of CEO at the company. STC has yet to announce a replacement in that role.

The firm in April reported a 60 % increase in first-quarter net profit, beating analysts’ estimates as revenue in its mobile, fixed line, corporate and wholesale divisions rose.

The former monopoly made a profit of SR2.52bn in the three months to March 31, up from SR1.57bn in the year-earlier period.

Analysts polled by Reuters on average forecast STC would post a quarterly profit of SR2.05bn.

“The increase in net income came as a result of the growth in all of the group services revenue,” STC said in a statement, referring to its mobile, corporate, fixed line and wholesale units, as Bloomberg stated.

Quarterly revenue was SR14.7bn, up from SR13.1bn in the corresponding period of 2011.

STC has won back domestic market share by aggressively pricing broadband bundle packages, while the firm – majority-owned by the government – has operations across the Muslim world from Turkey to Indonesia.