(MENAFN) Saudi Telecom Co (STC) recorded USD666.65 million net profit in the first quarter 2015, marking 4.7 percent increase when compared to the corresponding period a year ago, Reuters reported.
STC's first quarter results have surpassed analysts' forecasts, which was done by three analysts who predicted that the firm will post a profit of USD619.37 million in the first quarter of the year.
It is said that STC is presently in a tough competition with its domestic rival Mobily. The company posted USD638.06 million profit in the first quarter of 2014.
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