Saudi Telecom (STC) published its Q3 09 financial results posting a 20 % drop in revenues at $ 630 million when compared to $ 802 million registered during the corresponding quarter last year. Performance judged on a nine month period also showed a 20 % drop at $ 2.01 billion. Net profit for the three month period was at $ 0.82 at 32 % drop while for the nine month period it was at $1.05 down 20 %.

“The fall of the nine-month net profit is attributed to capital investments across the group, particularly in (units) in Turkey, India, Kuwait and Indonesia,’ said the company.

The company however declared a dividend of 0.75 riyal ($ 1 = 3.75 riyals).

Performance in the domestic market remained unchallenged with the company accounting for 20 million subscribers. Saudi Arabia has a population of 25 million.

Saudi telecom has an indirect stake in Aircel through its 25 % stake in Malaysian Maxis which in turn shas 74 % stake in the Indian service provider.