Saudi Telecom Company (STC), the kingdom’s biggest mobile operator, said net profit for Q1 2023 edged up to 3.11 billion ($829 billion) on the back of higher revenues.

The net profit was mostly in line with analysts’ mean estimate of SAR3.18 billion, according to data compiled by Refinitiv’s Eikon.

Revenue rose 7% to over SAR18 billion driven by growth in all business segments, STC said in a regulatory disclosure on the Riyadh’s Tadawul exchange on Wednesday.

Commercial unit revenues saw a 1.8% increase due to a 2.4% growth in mobility segment revenue. The Carrier & Wholesale unit also saw revenue increasing by 0.4% supported by a 19.9% increase in its national revenues.

Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter amounted to SAR 6.34 billion as compared to SAR 6.30 billion for the same quarter last year.