Revenue of three Saudi operators exceeded $22.2 billion — Asharq Al-Awsat
In Saudi Arabia, the combined revenue of three publicly listed telecom operators — stc, Mobily and Zain Saudi Arabia — exceeded $22.2 billion, or 83.42 billion Saudi riyals, in the first nine months of 2026. This is 3.67% more than in the same period of the previous year, Asharq Al-Awsat reports.
A year earlier, the companies jointly generated 80.47 billion riyals in revenue. Growth was driven by demand for services for individual and corporate customers, services for telecom operators, changes in the revenue structure, and the expansion of subsidiaries’ operations.
stc retained its market dominance
The largest operator, stc, generated 60.1 billion riyals in revenue, or about 72% of the combined revenue of the three companies. Its revenue rose by 3.75% year on year. Mobily increased its revenue by 5.07%, to 15.19 billion riyals, while Zain Saudi Arabia posted growth of 0.57%, to 8.14 billion riyals.
Four telecom companies are represented on the Saudi stock market. stc, Mobily and Zain Saudi Arabia end their financial year in December, while Etihad Atheeb Telecommunication Co., known as GO, ends it in March.
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Profit declined despite revenue growth
The combined net profit of the three operators for the nine months fell by 2.07%, to 14.17 billion riyals, or about $3.78 billion. The decline was caused by a 5.71% drop in stc’s net profit, from 11.58 billion to 10.92 billion riyals.
At the same time, Mobily’s net profit increased by 7.68%, to 2.71 billion riyals, while that of Zain Saudi Arabia rose by 45%, to 541 million riyals. stc’s result was affected by one-off items, lower financial income and higher financing costs. The company said that excluding one-off factors, its net profit grew by 2.6% and operating profit by 4.1%.
Experts surveyed by the publication pointed to the impact of financing costs, operating expenses and one-off items on the gap between revenue growth and profit dynamics. They also noted that significant investments in 5G networks, data centers and digital infrastructure may put pressure on profitability in the short term.
