Saudi Telecom (STC) announced a hike of 24 percent in its second quarter profit attributable to increased domestic revenues from mobile and broadband services and surge in income from foreign investment. 

The company posted net profit of 3.84 billion riyals ($1.02 billion) in second quarter as against 3.1 billion riyals in the corresponding period a year ago, beating the forecast of between 2.8 billion riyals to 3.51 billion riyals. Further earnings per share reached 1.92 riyals as compared to 1.55 riyals per share a year ago. 

The zoom in the foreign income is driven by the good performance shown by Turkish and South African businesses which the company acquired for $2.56 billion with 35 percent stake in Oger Telecom this year. However its other foreign ventures in Asia and Kuwait are yet to yield any income.