stc 9M 2022 profit up 8% to SAR 9.413 bln; Q3 at SAR 3.541 bln

stc reported a net profit after Zakat and tax of SAR 9.413 billion for the first nine months of 2022, an 8% increase, compared to SAR 8.698 billion in the year-earlier period.

The higher profit was due to a SAR 3.068 billion increase in revenue, offset by a SAR 18 million slump in the cost of revenue due to the reversal of contingent liability provision of SAR 1.079 billion. Accordingly, this led to a rise in gross profit by SAR 3.086 billion.

The telco’s Q3 2022 net profit after Zakat and tax reached SAR 3.541 billion, up by 21% from SAR 2.924 billion, due to a revenue increase by SAR 732 million year-on-year (YoY), offset by a decrease of SAR 939 million in cost of revenue, leading to an increase of SAR 1.671 billion in gross profit.

On a sequential basis, Q3 net profit jumped 24.8% from SAR 2.837 billion.

Total shareholders’ equity, after minority interest, reached SAR 73.331 billion as of Sept. 30, 2022, compared to SAR 68.503 billion in the year-earlier period.

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