STC expects to roll out 5G networks in H2 2019, says CEO

Saudi Telecom Co. (STC) expects to launch 5G networks in H2 2019, chief executive officer Nasser Al Nasser told Al-Arabiya TV on Thursday.

Commenting on STC's full-year results, he said the strong performance was backed by revenue growth, efficiency of spending, and non-conventional segments, such as cloud computing services.

"The 2018 financial results were also driven by provision write-back and data growth," Al Nasser added on the sidelines of the World Economic Forum.

STC is focusing on data services, which grew by 8 percent year-on-year. The telecom operator has recently launched five new data products.

"Revenue from data services is likely to expand going forward," Al Nasser said.

Additionally, the internet speed has doubled since the beginning of 2018, thanks to the company's investments and the new frequencies awarded by the Saudi telecom regulator, he concluded.

STC's fourth-quarter net profit climbed 22 percent YoY to SAR 3.12 billion, Argaam reported.