Saudi Telecom ups local market share to 64%, sees no more provisions for overseas ​investments : Chairman

Saudi Telecom Co. (STC) has raised its market share in the kingdom to 64 percent in 2014, from 60 percent a year earlier, according to chairman Abdulaziz Al Sugair.

"The write-down of Oger Telecom provisions will be the last, as we will see no more write-downs in overseas investments going forward," Al Sugair told Al Arabiya on the sidelines of Davos 2015.

The telecom operator is accurately evaluating its foreign assets and may consider some divestitures, he added.

According to data compiled by Argaam, STC posted a 33 percent year-on-year decline in net profit to SAR 2.44 billion for fourth quarter 2014.