沙特阿拉伯三家上市电信运营商在2026年前九个月合计营收超过222亿美元（834.2亿里亚尔），同比增长3.67%，得益于消费和企业服务需求增长、营收结构改善以及子公司业务扩张。
Saudi Arabia's three listed telecom operators posted combined revenues of more than $22.2 billion (83.42 billion riyals) in the first nine months of 2026, up 3.67% from a year earlier, as growing demand for consumer and business services, an improved revenue mix and expanding subsidiary operations fueled growth.
营收较上年同期的约214.6亿美元（804.7亿里亚尔）有所上升，得益于运营商及承载服务与消费、企业业务的增长。
Revenues rose from about $21.46 billion (80.47 billion riyals) a year earlier, supported by growth in carrier and operator services alongside consumer and enterprise businesses.
沙特电信公司（stc）主导市场，营收达160亿美元（601亿里亚尔），约占三家运营商合计营收的72%，同比增长3.75%。
stc dominated the sector, generating $16 billion (60.1 billion riyals), or roughly 72% of the three operators' combined revenues, up 3.75% year-on-year.
Mobily营收增长5.07%至40.5亿美元（151.9亿里亚尔），而Zain Saudi Arabia（Zain沙特阿拉伯公司）营收温和上涨0.57%至21.7亿美元（81.4亿里亚尔）。
Mobily recorded a 5.07% revenue increase to $4.05 billion (15.19 billion riyals), while Zain Saudi Arabia posted a modest 0.57% rise to $2.17 billion (8.14 billion riyals).
沙特股市上市的电信公司共有四家。stc、Mobily和Zain Saudi Arabia的财年于12月结束，而Etihad Atheeb Telecommunication Co.（GO）的财年于3月结束。
Four telecom companies are listed on the Saudi stock market. stc, Mobily and Zain Saudi Arabia close their financial years in December, while Etihad Atheeb Telecommunication Co. (GO) ends its fiscal year in March.
利润下滑尽管营收增长 尽管营收上升，三家运营商2026年前九个月合计净利润下滑2.07%至约37.8亿美元（141.7亿里亚尔），较上年同期的144.7亿里亚尔减少约3亿里亚尔。
Profits fall despite revenue growth Despite rising revenues, the three operators' combined net profit slipped 2.07% to about $3.78 billion (14.17 billion riyals) in the first nine months of 2026, down roughly 300 million riyals from 14.47 billion riyals a year earlier.
降幅主要源于stc，其净利润下降5.71%至109.2亿里亚尔，上年同期为115.8亿里亚尔。
The decline was driven by stc, whose net profit fell 5.71% to 10.92 billion riyals from 11.58 billion riyals in the same period of 2025.
竞争对手表现较好。Mobily净利润增长7.68%至27.1亿里亚尔，上年同期约为25.1亿里亚尔；Zain Saudi Arabia净利润激增45%至5.41亿里亚尔，上年同期为3.73亿里亚尔。
Its rivals fared better. Mobily's net profit climbed 7.68% to 2.71 billion riyals from about 2.51 billion riyals, while Zain Saudi Arabia recorded a 45% surge to 541 million riyals from 373 million riyals.
stc表示，其盈利受一次性项目、财务收入减少及融资成本上升拖累，尽管营收和经营利润均有增长。剔除两个时期的一次性项目后，公司净利润增长2.6%。
stc's earnings were weighed down by nonrecurring items, lower finance income and higher financing costs, even as revenues and operating profit grew. Excluding nonrecurring items in both periods, the company said net profit rose 2.6%.
Mobily受益于更强劲的营收和改善的毛利润。沙特阿拉伯Zain的收益则受到更好的营收结构、更低的融资成本以及来自普遍服务基金（Universal Service Fund）的一次性收益的提振。
Mobily benefited from stronger revenues and improved gross profit. Zain Saudi Arabia's earnings were lifted by a better revenue mix, lower financing costs and a one-off gain from the Universal Service Fund.
强劲的需求，不均衡的利润 这些业绩凸显出沙特阿拉伯电信业营收增长与盈利能力之间不断拉大的差距，在该行业中，融资成本、运营费用和非经常性项目继续塑造着收益。
Strong demand, uneven profits The results underscore a widening gap between revenue growth and profitability across Saudi Arabia's telecom sector, where financing costs, operating expenses and nonrecurring items continue to shape earnings.
沙特经济协会成员、金融和经济专家兼金融市场分析师苏莱曼·阿尔-胡迈德·阿尔-哈尔迪（Suleiman Al-Humaid Al-Khaldi）对《中东报》表示，这些业绩反映出，随着沙特阿拉伯加速数字化转型，需求表现出韧性且电信业务不断扩展。
Suleiman Al-Humaid Al-Khaldi, a financial and economic expert, financial markets analyst and member of the Saudi Economic Association, told Asharq Al-Awsat that the results reflected resilient demand and expanding telecom operations as Saudi Arabia accelerates its digital transformation.
他表示，综合营收增至834.2亿里亚尔，证实了业务的持续增长，尽管这三家运营商的盈利能力存在分歧。
He said the rise in combined revenues to 83.42 billion riyals confirmed continued business growth, even as profitability diverged among the three operators.
但他指出，更高的营收并不一定能带来成比例的净利润增长，并提到了融资成本、运营费用和非经常性项目。
But higher revenues do not necessarily deliver proportionate gains in net profit, he said, pointing to financing costs, operating expenses and nonrecurring items.
阿尔-哈尔迪表示，由于沙特电信公司（stc）创造了这些运营商约72%的综合营收，其表现对整体财务业绩有着巨大的影响，即便竞争对手报告了更强劲的利润。他警告称，不应将stc报告的收益下降解读为运营疲软的迹象。
With stc generating about 72% of the operators' combined revenues, its performance has an outsized impact on their overall financial results, even when rivals report stronger profits, Al-Khaldi said. He cautioned against interpreting stc's reported earnings decline as a sign of operating weakness.
该公司的营业利润增长了4.1%，在剔除两个时期的非经常性项目后，调整后的净利润增长了2.6%，这表明其核心业务继续扩展并取得了积极成果。
The company's operating profit rose 4.1%, while adjusted net profit grew 2.6% after excluding nonrecurring items in both periods, indicating that its core operations continued to expand and deliver positive results.
他表示，Mobily更强劲的收益反映了营收的增长和毛利润的改善，而沙特阿拉伯Zain则受益于更好的营收结构、更低的融资成本以及来自普遍服务基金的一次性收入。
Mobily's stronger earnings reflected revenue growth and improved gross profit, while Zain Saudi Arabia benefited from a better revenue mix, lower financing costs and one-off income from the Universal Service Fund, he said.
阿尔哈尔迪（Al-Khaldi）强调，在评估利润增长的可持续性时，有必要将经常性营业收入与非经常性收益区分开来，特别是沙特阿拉伯Zain（Zain Saudi Arabia）报告第三季度利润下降之后。
Al-Khaldi stressed the need to distinguish recurring operating earnings from exceptional gains when assessing the sustainability of profit growth, particularly after Zain Saudi Arabia reported a third-quarter profit decline.
他说，尽管面临财务收入减少、融资成本上升以及非经常性项目影响差异等压力，但沙特电信（stc）的基础业务依然稳健。
He said stc's underlying operations remained solid despite pressure from lower finance income, rising financing costs and differences in the impact of nonrecurring items.
沙特电信的股价从42里亚尔跌至39里亚尔，在审议期内跌幅约为7.1%，阿尔哈尔迪称这表明股价具有相对韧性。不过他警告称，在将该股票与其他沙特蓝筹股进行比较时，时间框架至关重要。
Stc's share price fell from 42 riyals to 39 riyals, a decline of about 7.1% over the period under review, which Al-Khaldi said suggested relative price resilience. He cautioned, however, that the time frame mattered when comparing the stock with other Saudi blue chips.
他说，不应仅凭报告的净利润来判断一家公司的投资实力。业务的可持续性、盈利质量以及支付现金股利的能力同样重要，这巩固了沙特电信作为沙特领先股票的地位。
A company's investment strength should not be judged on reported net profit alone, he said. The sustainability of operations, earnings quality and capacity to pay cash dividends were equally important, reinforcing stc's standing as a leading Saudi stock.
展望未来，阿尔哈尔迪预测，在数字服务不断扩展以及对电信和信息技术解决方案的需求更加强劲的推动下，整个电信行业将实现持续增长并提高盈利能力。
Looking ahead, Al-Khaldi forecast continued growth and improving profitability across the telecom sector, driven by expanding digital services and stronger demand for telecommunications and information technology solutions.
他还预计沙特电信将在2026年第四季度和全年交出积极的业绩，随着其核心业务持续增长，业绩将超越2025年同期。
He also expected stc to deliver positive fourth-quarter and full-year 2026 results, surpassing the corresponding periods of 2025 as its core businesses continued to grow.
G.World研究公司首席执行官穆罕默德·哈姆迪·奥马尔（Mohamed Hamdy Omar）表示，沙特电信运营商的前九个月业绩暴露出收入增长与盈利之间明显的脱节。
Rising revenues, squeezed margins Mohamed Hamdy Omar, chief executive of G.World for Studies, said Saudi telecom operators' nine-month results exposed a clear disconnect between revenue growth and earnings.
他告诉《中东报》（Asharq Al-Awsat），合并收入增长3.67%，达到834.2亿里亚尔，而净利润下降2.16%，至约141.7亿里亚尔，这表明尽管业务持续扩张，但利润率仍面临压力。
Combined revenues rose 3.67% to 83.42 billion riyals, while net profit fell 2.16% to about 14.17 billion riyals, pointing to pressure on profit margins despite continued business expansion, he told Asharq Al-Awsat.
奥马尔指出了导致这种分化的三个因素：融资成本、更高的运营费用和非经常性项目。
Omar identified three factors behind the divergence: financing costs, higher operating expenses and nonrecurring items.
首先，电信业仍是一个资本密集型行业。网络升级、更广泛的第五代（5G）覆盖以及对数据中心和数字基础设施的投资需要巨额支出，部分项目需数年才能实现预期回报。
First, telecoms remain a capital-intensive business. Network upgrades, wider fifth-generation (5G) coverage and investments in data centers and digital infrastructure require substantial spending, with some projects taking years to generate their targeted returns.
其次，从传统电信服务向技术驱动型产品的转型正在推高运营成本。
Second, the shift from traditional telecom services to technology-driven offerings is pushing up operating costs.
拓展云计算、网络安全、人工智能和物联网业务需要在研发、专业人才和运营上投入资金，这在短期内增加了成本，即便从长远看能增强竞争力。第三，一次性项目可能扭曲报告利润。
Expanding into cloud computing, cybersecurity, artificial intelligence and the Internet of Things requires investment in development, specialized talent and operations, adding near-term costs even as it strengthens long-term competitiveness. Third, one-off items can distort reported earnings.
奥马尔指出，stc 在剔除两个期间的非经常性项目后，经调整净利润增长 2.6%，这一数字凸显了将核心经营业绩与表面利润区分开来的重要性。
Omar pointed to stc's 2.6% adjusted net profit growth after excluding nonrecurring items in both periods, saying the figure highlighted the importance of separating underlying operating performance from headline profits.
他表示，Mobily 和 Zain Saudi Arabia（扎因沙特）的盈利情况也显示出，不同运营商在优化收入结构、控制成本和把握商机方面的成效存在差异。
The earnings at Mobily and Zain Saudi Arabia also revealed differences in how effectively operators improve their revenue mix, control costs and capitalize on business opportunities, he said.
奥马尔补充道，该行业面临的下一个挑战不仅是创造更多收入，而是提高效率，将巨额投资转化为现金流和可持续回报，且不侵蚀利润率。
The industry's next challenge will not simply be to generate more revenue, but to improve efficiency and turn heavy investment into cash flow and sustainable returns without eroding margins, Omar added.
奥马尔预计，在不断扩大的数字经济和王国加速技术转型的支撑下，沙特阿拉伯电信行业将保持增长势头，延续至 2026 年最后一个季度并进入 2027 年。但增长引擎正在发生变化。
Omar expects Saudi Arabia's telecom sector to maintain its growth momentum through the final quarter of 2026 and into 2027, supported by the expanding digital economy and the kingdom's accelerating technological transformation. But the engines of growth are changing.
他表示，运营商不再主要通过传统连接服务和用户增长竞争，而是越来越多地转向高价值的数字和技术产品。
Rather than competing primarily through traditional connectivity services and subscriber growth, operators are increasingly turning to higher-value digital and technology offerings, he said.
随着对数据处理、存储和传输容量需求的上升，数据中心、云计算以及支持人工智能应用的基础设施脱颖而出，成为主要机遇。
Data centers, cloud computing and infrastructure supporting artificial intelligence applications stand out as major opportunities as demand rises for data processing, storage and transmission capacity.
奥马尔表示，拥有先进网络、庞大客户群和成熟运营专长的运营商完全有条件利用这一转变。
Operators with advanced networks, extensive customer bases and established operational expertise are well positioned to capitalize on that shift, Omar said.
随着企业和政府机构寻求更多的网络安全、云计算、物联网和数字基础设施管理解决方案，企业和机构市场也有望成为主要的收入驱动力。
The enterprise and institutional market is also poised to become a major revenue driver as companies and government agencies seek more cybersecurity, cloud, Internet of Things and digital infrastructure management solutions.
他补充说，成功转型为综合技术解决方案提供商的电信运营商，将更有能力实现收入多元化并增强盈利能力。
Telecom operators that successfully evolve into integrated technology solutions providers will be better placed to diversify revenues and strengthen profitability, he added.
沙特阿拉伯的超大型项目、不断扩大的智慧城市以及旅游业、制造业、物流业和电子商务的增长，将在未来几年为先进连接和数字基础设施提供更多机遇。这一转型并非没有风险。
Saudi Arabia's megaprojects, expanding smart cities and growth in tourism, manufacturing, logistics and e-commerce should provide further opportunities for advanced connectivity and digital infrastructure in the coming years. The transition will not be without risks.
奥马尔警告称，高额资本支出、不断上升的融资成本、传统服务的价格竞争以及漫长的投资回报期可能会继续对盈利能力构成压力，在数据中心和人工智能领域尤其如此。
Omar warned that high capital expenditure, rising financing costs, price competition in traditional services and lengthy investment payback periods could continue to weigh on profitability, particularly in data centers and artificial intelligence.
他预计2026年第四季度电信收入将继续增长，但表示更强劲的收益将取决于运营商控制开支、管理融资成本和改善投资回报的能力。
He expects telecom revenues to keep rising in the fourth quarter of 2026, but said stronger earnings would hinge on operators' ability to rein in expenses, manage financing costs and improve investment returns.
他说，先进数字服务的竞争可能会在2027年加剧，这将对那些能够实现收入多元化并更好利用现有基础设施的公司更为有利。
Competition in advanced digital services is likely to intensify in 2027, favoring companies that can diversify their income and make better use of existing infrastructure, he said.
奥马尔表示，归根结底，沙特阿拉伯的电信业正经历着从传统连接向在数据经济中发挥更广泛作用的逐步转变。
Ultimately, Omar said, Saudi Arabia's telecom industry is undergoing a gradual shift from traditional connectivity toward a broader role in the data economy.
其未来的竞争优势将不再那么依赖单一的用户数量，而是更多地取决于运营商如何成功地将网络、资产和技术能力转化为具有可持续利润率的更高价值的数字服务。
Its future competitive strength will depend less on subscriber numbers alone and more on how successfully operators turn their networks, assets and technological capabilities into higher-value digital services with sustainable profit margins.