Riyadh: Saudi Telecom Co, the Middle East's largest listed telecom operator, said last week it expects steady revenue growth from its international operations this year as it continues to add subscribers in countries like Indonesia, India and Kuwait and would consider the right acquisition opportunity should it arise, a top company official said.
The Riyadh-listed firm, which sourced around 33 per cent of total revenues in 2010 from its foreign units, expects its current rate of revenue expansion offshore to stabilise in 2011.
"Growth will continue to be steady until an acquisition comes," Ghassan Hasbani, Saudi Telecom's chief executive of international operations, said.
Saudi Telecom, or STC, is increasingly looking beyond the kingdom for earnings growth. It has targeted regions such as Africa and Asia as competition in its domestic market from the likes of Etihad Etisalat, or Mobily, and Zain Saudi heats up. The firm still however accounts for about 70 per cent of total telecom sector revenue in Saudi, say analysts.
According to STC's website it now has a presence in Kuwait, India, Indonesia, Malaysia, Turkey and South Africa.
"These markets grow no less than 10 per cent. Some markets are doubling revenues year on year," Hasbani said.