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STC's Financial Results Improve in H1 2018

STC's Financial Results Improve in H1 2018
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STC's Financial Results Improve in H1 2018

STC's Financial Results Improve in H1 2018

Saudi Telecoms achieved positive growth in their announced results for the first half of 2018, with an improvement of 3.33 percent compared to the same period of 2017.

Saudi Telecom Company (STC) supported the improvement in the financial results of the Telecom sector.

It announced achieving a total profit of SR5.03 billion ($1.34 billion) during the first half of 2018, recording a positive growth rate of 2.87 percent.

Zain Saudi Arabia, for its part, showed a remarkable improvement in the level of revenues achieved during the first half of 2018, which confirms the company's ability to move forward in expanding its market share and increase the efficiency of its operational capabilities.

While Saudi Arabia's Mobily reported a 51.2 percent improvement in reduction of losses in the first half of 2018 compared to the same period last year.

The Saudi Telecom sector is expected to play a significant role in enhancing the investment attractiveness of the Saudi stock market, especially that the financial results of the sector have started to improve significantly since the Kingdom decided to reorganize the sector through a package of incentive legislation over the past two years.

These developments come as the Communications and Information Technology Commission (CITC) is working to raise the quality of telecommunications services in the country.

It has recently announced a new update to regulate the quality of service provided by licensed telecommunications service providers, explaining that the new update will enter into force starting from the fourth quarter of 2018.

"This update aims to develop CIT services, provide high-quality communication services to subscribers, stimulate competition among service providers and enhance customer transparency by disseminating the comparative data of service providers and ensuring a minimum quality of telecommunications services to subscribers," CITC said in this regard.

It stressed that these moves will stimulate digital transformation to achieve the objectives of the National Transformation Program 2020 and the Kingdom’s Vision 2030.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.