Saudi Telecoms Company (STC) made a net profit of SR7.67bn ($2.05bn) during 2011, down 19 per cent on 2010.

Fourth-quarter net profit was down 0.3 per cent to SR2.27bn when compared with the same period in 2010.

The decrease was blamed on fluctuations on foreign currency exchange (Forex), which accounted for SR1.1bn of losses.

STC, which has operations in Bahrain, Kuwait and Indonesia, recorded a SR13.4bn increase in fourth-quarter revenues to SR15.2bn.

Revenues from wireless broadband subscriptions grew 131 per cent from the end of 2010 to the end of 2011 after the company’s deployment of fourth-generation (4G) networks. Fixed broadband customers grew by 28 per cent on the previous year.

The board of directors decided on dividends of SR1bn at a rate of SR0.50 a share, representing 5 per cent of the share par value.

The results were announced on the Saudi Stock Exchange (Tadawul) website.