STC posts higher net profit at SAR 5194m in I2 of 2014

21/07/2014 Argaam Exclusive

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Share Price

Saudi Telecom Co. (STC)

Saudi Telecom Co., the second largest company listed in the market after SABIC, reported SAR 5194m net profit at the end of the first half of 2014, compared to SAR 2979m in the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	22,907.36	22,504.90	(1.8 %)
Gross Income	13,228.25	13,234.87	0.1 %
Operating Income	5,912.99	5,627.24	(4.8 %)
Net Income	2,978.91	5,194.28	74.4 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.60	1.04	74.4 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	11,433.47	11,722.00	2.5 %
Gross Income	6,733.78	7,023.53	4.3 %
Operating Income	3,195.05	2,961.46	(7.3 %)
Net Income	1,428.95	2,803.35	96.2 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.29	0.56	96.2 %

Item	Q1 2014	Q2 2014	Change‬
Revenues	10,782.89	11,722.00	8.7 %
Gross Income	6,211.34	7,023.53	13.1 %
Operating Income	2,665.78	2,961.46	11.1 %
Net Income	2,390.94	2,803.35	17.2 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.48	0.56	17.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	7,918.23	8.2 %	6,122.17	14.6 %	3,010.95	20.3 %	0.60
Q2 2005	8,038.27	6.3 %	6,208.34	12.8 %	2,903.14	10.0 %	0.58
Q3 2005	8,105.10	3.2 %	6,074.94	7.4 %	3,261.99	29.1 %	0.65
Q4 2005	8,478.35	9.3 %	6,439.24	12.7 %	3,270.78	98.6 %	0.65
2005	32,539.94	6.7 %	24,844.68	11.8 %	12,446.86	33.6 %	2.49
Q1 2006	8,515.11	7.5 %	6,383.40	4.3 %	3,414.71	13.4 %	0.68
Q2 2006	8,624.77	7.3 %	6,616.48	6.6 %	3,395.80	17.0 %	0.68
Q3 2006	8,405.99	3.7 %	6,099.71	0.4 %	3,202.01	(1.8 %)	0.64
Q4 2006	8,240.01	(2.8 %)	5,914.92	(8.1 %)	2,786.39	(14.8 %)	0.56
2006	33,785.89	3.8 %	25,014.51	0.7 %	12,798.90	2.8 %	2.56
Q1 2007	8,320.06	(2.3 %)	6,049.33	(5.2 %)	2,719.17	(20.4 %)	0.54
Q2 2007	8,444.00	(2.1 %)	6,405.60	(3.2 %)	3,102.76	(8.6 %)	0.62
Q3 2007	8,058.58	(4.1 %)	5,828.60	(4.4 %)	3,140.03	(1.9 %)	0.63
Q4 2007	9,635.17	16.9 %	6,922.61	17.0 %	3,059.78	9.8 %	0.61
2007	34,457.81	2.0 %	25,206.14	0.8 %	12,021.73	(6.1 %)	2.40
Q1 2008	9,574.71	15.1 %	7,212.79	19.2 %	3,029.27	11.4 %	0.61
Q2 2008	12,030.46	42.5 %	9,094.79	42.0 %	3,839.88	23.8 %	0.77
Q3 2008	13,537.76	68.0 %	10,392.71	78.3 %	3,012.33	(4.1 %)	0.60
Q4 2008	12,326.44	27.9 %	9,096.55	31.4 %	1,156.37	(62.2 %)	0.23
2008	47,469.37	37.8 %	35,796.84	42.0 %	11,037.85	(8.2 %)	2.21
Q1 2009	12,142.78	26.8 %	7,912.55	9.7 %	2,487.75	(17.9 %)	0.50
Q2 2009	12,674.12	5.4 %	7,723.03	(15.1 %)	2,990.22	(22.1 %)	0.60
Q3 2009	12,934.24	(4.5 %)	7,754.81	(25.4 %)	2,402.62	(20.2 %)	0.48
Q4 2009	13,028.94	5.7 %	7,610.31	(16.3 %)	2,982.78	157.9 %	0.60
2009	50,780.09	7.0 %	31,000.70	(13.4 %)	10,863.36	(1.6 %)	2.17
Q1 2010	12,519.63	3.1 %	7,159.87	(9.5 %)	1,772.03	(28.8 %)	0.35
Q2 2010	12,591.24	(0.7 %)	7,334.89	(5.0 %)	2,061.99	(31.0 %)	0.41
Q3 2010	13,232.39	2.3 %	7,884.82	1.7 %	3,316.80	38.0 %	0.66
Q4 2010	13,443.57	3.2 %	7,943.03	4.4 %	2,285.51	(23.4 %)	0.46
2010	51,786.83	2.0 %	30,322.60	(2.2 %)	9,436.33	(13.1 %)	1.89
Q1 2011	13,076.30	4.4 %	7,488.43	4.6 %	1,573.12	(11.2 %)	0.31
Q2 2011	13,879.67	10.2 %	7,951.89	8.4 %	2,256.37	9.4 %	0.45
Q3 2011	14,015.11	5.9 %	8,073.04	2.4 %	1,562.48	(52.9 %)	0.31
Q4 2011	14,691.00	9.3 %	7,814.90	(1.6 %)	2,336.69	2.2 %	0.47
2011	55,662.08	7.5 %	31,328.25	3.3 %	7,728.65	(18.1 %)	1.55
Q1 2012	11,067.36	(15.4 %)	6,329.04	(15.5 %)	2,521.16	60.3 %	0.50
Q2 2012	11,013.03	(20.7 %)	6,352.24	(20.1 %)	2,407.57	6.7 %	0.48
Q3 2012	11,429.91	(18.4 %)	6,459.29	(20.0 %)	1,953.80	25.0 %	0.39
Q4 2012	11,234.77	(23.5 %)	6,121.14	(21.7 %)	393.44	(83.2 %)	0.08
2012	44,745.08	(19.6 %)	25,261.70	(19.4 %)	7,275.96	(5.9 %)	1.46
Q1 2013	11,473.88	3.7 %	6,494.46	2.6 %	1,549.96	(38.5 %)	0.31
Q2 2013	11,433.47	3.8 %	6,733.78	6.0 %	1,428.95	(40.6 %)	0.29
Q3 2013	11,426.85	0.0 %	7,193.36	11.4 %	3,385.59	73.3 %	0.68
Q4 2013	11,270.43	0.3 %	6,991.64	14.2 %	3,532.57	797.9 %	0.71
2013	45,604.63	1.9 %	27,413.24	8.5 %	9,897.07	36.0 %	1.98
Q1 2014	10,782.89	(6.0 %)	6,211.34	(4.4 %)	2,390.94	54.3 %	0.48
Q2 2014	11,722.00	2.5 %	7,023.53	4.3 %	2,803.35	96.2 %	0.56

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	30,498.66	11.7 %	22,219.32	11.5 %	9,314.33	9.3 %	1.86
2005	32,539.94	6.7 %	24,844.68	11.8 %	12,446.86	33.6 %	2.49
2006	33,785.89	3.8 %	25,014.51	0.7 %	12,798.90	2.8 %	2.56
2007	34,457.81	2.0 %	25,206.14	0.8 %	12,021.73	(6.1 %)	2.40
2008	47,469.37	37.8 %	35,796.84	42.0 %	11,037.85	(8.2 %)	2.21
2009	50,780.09	7.0 %	31,000.70	(13.4 %)	10,863.36	(1.6 %)	2.17
2010	51,786.83	2.0 %	30,322.60	(2.2 %)	9,436.33	(13.1 %)	1.89
2011	55,662.08	7.5 %	31,328.25	3.3 %	7,728.65	(18.1 %)	1.55
2012	44,745.08	(19.6 %)	25,261.70	(19.4 %)	7,275.96	(5.9 %)	1.46
2013	45,604.63	1.9 %	27,413.24	8.5 %	9,897.07	36.0 %	1.98

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	73.96 %	49.46 %	32.82 %
Q2 2005	75.08 %	49.56 %	33.14 %
Q3 2005	75.80 %	52.15 %	36.20 %
Q4 2005	76.35 %	52.85 %	40.47 %
2005	76.35 %	52.85 %	40.47 %
Q1 2006	75.76 %	51.89 %	41.11 %
Q2 2006	75.66 %	51.96 %	41.88 %
Q3 2006	75.06 %	49.38 %	40.03 %
Q4 2006	74.04 %	47.31 %	37.78 %
2006	74.04 %	47.31 %	37.78 %
Q1 2007	73.47 %	46.01 %	35.94 %
Q2 2007	73.24 %	45.58 %	35.35 %
Q3 2007	73.19 %	46.72 %	35.63 %
Q4 2007	73.15 %	46.92 %	34.94 %
2007	73.15 %	46.92 %	34.94 %
Q1 2008	73.84 %	47.70 %	34.56 %
Q2 2008	73.94 %	46.06 %	33.22 %
Q3 2008	75.09 %	44.13 %	29.78 %
Q4 2008	75.41 %	45.80 %	24.14 %
2008	75.41 %	45.80 %	24.14 %
Q1 2009	72.94 %	45.51 %	22.10 %
Q2 2009	69.31 %	44.94 %	20.10 %
Q3 2009	64.87 %	44.00 %	18.33 %
Q4 2009	61.05 %	40.59 %	20.26 %
2009	61.05 %	40.59 %	20.26 %
Q1 2010	59.13 %	38.04 %	18.46 %
Q2 2010	58.46 %	36.87 %	16.76 %
Q3 2010	58.38 %	37.29 %	16.59 %
Q4 2010	58.55 %	37.89 %	15.00 %
2010	58.55 %	37.89 %	15.00 %
Q1 2011	58.56 %	38.16 %	14.11 %
Q2 2011	58.30 %	38.33 %	14.10 %
Q3 2011	57.81 %	37.38 %	12.29 %
Q4 2011	56.28 %	35.98 %	12.71 %
2011	56.28 %	35.98 %	12.71 %
Q1 2012	56.23 %	36.23 %	15.29 %
Q2 2012	56.25 %	36.51 %	16.45 %
Q3 2012	55.92 %	36.12 %	18.33 %
Q4 2012	56.46 %	36.37 %	16.78 %
2012	56.46 %	36.37 %	16.78 %
Q1 2013	56.32 %	36.28 %	14.97 %
Q2 2013	56.63 %	37.08 %	15.19 %
Q3 2013	58.25 %	39.08 %	18.18 %
Q4 2013	60.11 %	40.50 %	23.56 %
2013	60.11 %	40.50 %	23.56 %
Q1 2014	60.41 %	41.03 %	25.29 %
Q2 2014	60.66 %	40.71 %	25.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	72.85 %	48.33 %	32.06 %
2005	76.35 %	52.85 %	40.47 %
2006	74.04 %	47.31 %	37.78 %
2007	73.15 %	46.92 %	34.94 %
2008	75.41 %	45.80 %	24.14 %
2009	61.05 %	40.59 %	20.26 %
2010	58.55 %	37.89 %	15.00 %
2011	56.28 %	35.98 %	12.71 %
2012	56.46 %	36.37 %	16.78 %
2013	60.11 %	40.50 %	23.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	77.32 %	53.69 %	37.39 %
Q2 2005	77.23 %	49.25 %	36.03 %
Q3 2005	74.95 %	57.72 %	45.38 %
Q4 2005	75.95 %	50.84 %	42.88 %
Q1 2006	74.97 %	49.87 %	40.10 %
Q2 2006	76.71 %	49.73 %	39.35 %
Q3 2006	72.56 %	47.04 %	37.78 %
Q4 2006	71.78 %	42.41 %	33.74 %
Q1 2007	72.71 %	44.69 %	32.74 %
Q2 2007	75.86 %	48.10 %	37.08 %
Q3 2007	72.33 %	51.79 %	39.01 %
Q4 2007	71.85 %	43.74 %	31.58 %
Q1 2008	75.33 %	47.87 %	31.60 %
Q2 2008	75.60 %	42.64 %	31.94 %
Q3 2008	76.77 %	43.09 %	25.28 %
Q4 2008	73.80 %	50.27 %	9.47 %
Q1 2009	65.16 %	46.21 %	21.63 %
Q2 2009	60.94 %	40.52 %	23.42 %
Q3 2009	59.96 %	39.37 %	18.67 %
Q4 2009	58.41 %	36.64 %	17.49 %
Q1 2010	57.19 %	35.62 %	14.23 %
Q2 2010	58.25 %	35.77 %	16.55 %
Q3 2010	59.59 %	40.94 %	17.99 %
Q4 2010	59.08 %	38.97 %	11.32 %
Q1 2011	57.27 %	36.82 %	10.71 %
Q2 2011	57.29 %	36.64 %	16.27 %
Q3 2011	57.60 %	37.09 %	10.77 %
Q4 2011	53.20 %	33.54 %	12.99 %
Q1 2012	57.19 %	38.20 %	22.81 %
Q2 2012	57.68 %	38.05 %	21.90 %
Q3 2012	56.51 %	35.55 %	17.39 %
Q4 2012	54.48 %	33.75 %	5.20 %
Q1 2013	56.60 %	37.77 %	15.48 %
Q2 2013	58.90 %	41.17 %	22.53 %
Q3 2013	62.95 %	43.54 %	29.28 %
Q4 2013	62.04 %	39.53 %	27.02 %
Q1 2014	57.60 %	39.79 %	22.17 %
Q2 2014	59.92 %	39.92 %	24.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	5,000.00	1.96	2.04	5.94
Q2 2005	5,000.00	2.02	2.09	6.52
Q3 2005	5,000.00	2.16	2.30	6.34
Q4 2005	5,000.00	2.49	2.63	6.57
Q1 2006	5,000.00	2.57	2.72	7.25
Q2 2006	5,000.00	2.67	2.82	6.83
Q3 2006	5,000.00	2.66	2.72	6.87
Q4 2006	5,000.00	2.56	2.55	6.83
Q1 2007	5,000.00	2.42	2.41	6.78
Q2 2007	5,000.00	2.36	2.36	6.90
Q3 2007	5,000.00	2.35	2.36	7.02
Q4 2007	5,000.00	2.40	2.41	7.18
Q1 2008	5,000.00	2.47	2.47	7.31
Q2 2008	5,000.00	2.61	2.61	7.65
Q3 2008	5,000.00	2.59	2.67	7.78
Q4 2008	5,000.00	2.21	2.29	7.53
Q1 2009	5,000.00	2.10	2.21	7.48
Q2 2009	5,000.00	1.93	2.04	7.90
Q3 2009	5,000.00	1.81	1.84	8.13
Q4 2009	5,000.00	2.17	2.06	8.41
Q1 2010	5,000.00	2.03	1.89	8.50
Q2 2010	5,000.00	1.84	1.71	8.45
Q3 2010	5,000.00	2.03	1.70	8.94
Q4 2010	5,000.00	1.89	1.55	9.00
Q1 2011	5,000.00	1.85	1.48	9.05
Q2 2011	5,000.00	1.89	1.51	9.26
Q3 2011	5,000.00	1.54	1.34	9.15
Q4 2011	5,000.00	1.55	1.42	9.38
Q1 2012	5,000.00	1.74	1.64	9.81
Q2 2012	5,000.00	1.77	1.67	10.03
Q3 2012	5,000.00	1.84	1.77	10.34
Q4 2012	5,000.00	1.46	1.50	10.27
Q1 2013	5,000.00	1.26	1.35	10.34
Q2 2013	5,000.00	1.07	1.38	10.39
Q3 2013	5,000.00	1.35	1.66	10.81
Q4 2013	5,000.00	1.98	2.15	11.25
Q1 2014	5,000.00	2.15	2.27	11.40
Q2 2014	5,000.00	2.42	2.33	11.74

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	5,000.00	1.86	1.96	6.18
2005	5,000.00	2.49	2.63	6.57
2006	5,000.00	2.56	2.55	6.83
2007	5,000.00	2.40	2.41	7.18
2008	5,000.00	2.21	2.29	7.53
2009	5,000.00	2.17	2.06	8.41
2010	5,000.00	1.89	1.55	9.00
2011	5,000.00	1.55	1.42	9.38
2012	5,000.00	1.46	1.50	10.27
2013	5,000.00	1.98	2.15	11.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	20.97	20.18	6.93
Q2 2005	27.24	26.26	8.42
Q3 2005	25.89	24.33	8.84
Q4 2005	22.37	21.14	8.47
Q1 2006	25.38	23.94	8.99
Q2 2006	17.76	16.78	6.94
Q3 2006	15.09	14.72	5.83
Q4 2006	12.93	12.97	4.85
Q1 2007	10.49	10.52	3.75
Q2 2007	9.86	9.86	3.38
Q3 2007	11.02	10.99	3.69
Q4 2007	13.93	13.91	4.67
Q1 2008	10.01	10.01	3.38
Q2 2008	9.26	9.27	3.16
Q3 2008	9.93	9.64	3.30
Q4 2008	8.90	8.57	2.61
Q1 2009	7.60	7.22	2.13
Q2 2009	10.68	10.11	2.61
Q3 2009	11.12	10.95	2.47
Q4 2009	8.12	8.57	2.10
Q1 2010	9.36	10.06	2.24
Q2 2010	8.18	8.81	1.78
Q3 2010	7.64	9.08	1.73
Q4 2010	9.03	10.97	1.89
Q1 2011	8.34	10.43	1.70
Q2 2011	7.72	9.63	1.57
Q3 2011	8.86	10.17	1.49
Q4 2011	8.75	9.55	1.44
Q1 2012	9.40	9.95	1.66
Q2 2012	8.95	9.46	1.57
Q3 2012	8.61	8.99	1.54
Q4 2012	11.90	11.53	1.69
Q1 2013	12.44	11.60	1.52
Q2 2013	14.98	11.53	1.54
Q3 2013	12.78	10.43	1.60
Q4 2013	10.81	9.96	1.90
Q1 2014	12.29	11.62	2.32
Q2 2014	11.02	11.47	2.27

Period	P/E	Adjusted P/E	Price/book
2004	20.47	19.50	6.17
2005	22.37	21.14	8.47
2006	12.93	12.97	4.85
2007	13.93	13.91	4.67
2008	8.90	8.57	2.61
2009	8.12	8.57	2.10
2010	9.03	10.97	1.89
2011	8.75	9.55	1.44
2012	11.90	11.53	1.69
2013	10.81	9.96	1.90

Business Segments (Million)

Compared With The

Period	GSM	Landline	DATA	Un-allocated
Q1 2009	8,203.41	2,276.02	1,641.09	22.26
Q2 2009	8,078.78	2,660.90	1,889.14	45.31
Q3 2009	8,763.77	2,321.57	1,813.36	35.55
Q4 2009	9,042.06	2,027.64	1,903.96	55.28
Q1 2010	8,370.42	2,321.45	1,754.34	73.42
Q2 2010	8,274.92	2,514.25	1,744.81	57.26
Q3 2010	8,698.56	2,678.44	1,744.34	111.06
Q4 2010	8,815.84	2,641.88	1,897.42	88.43
Q1 2011	8,612.49	2,145.44	2,210.45	107.93
Q2 2011	9,300.53	2,165.08	2,279.18	134.88
Q3 2011	9,535.33	1,968.75	2,358.25	152.78
Q4 2011	10,460.75	2,030.05	2,539.65	(339.46)
Q1 2012	7,231.45	3,163.66	775.96	(103.71)
Q2 2012	5,953.44	2,773.26	2,747.33	(461.00)
Q3 2012	6,321.44	3,061.54	2,038.38	8.55
Q4 2012	6,534.06	3,295.52	1,450.81	(45.62)
Q1 2013	5,912.96	3,401.35	2,121.21	38.36
Q2 2013	6,276.02	3,413.90	1,645.45	98.11
Q3 2013	5,947.77	3,195.58	2,156.72	126.77
Q4 2013	6,048.69	3,174.74	2,296.23	(249.24)
Q1 2014	6,038.19	3,013.96	1,728.00	2.75
Q2 2014	6,352.36	3,157.29	2,215.10	(2.75)

Period	GSM	Landline	DATA	Un-allocated
2008	28,132.70	15,059.39	4,211.44	65.84
2009	30,052.19	14,122.20	6,447.30	158.39
2010	31,544.33	14,057.80	5,854.53	330.17
2011	34,884.28	13,798.55	7,053.41	(74.16)
2012	26,040.39	12,293.99	7,012.49	(601.79)
2013	24,185.44	13,185.56	8,219.62	14.01

Financial Ratios

	Current
Market Cap (M Riyal)	190,000.00
Enterprise Value (EV) (M)	186,254.98
Shares Outstanding ((M))	5,000.00
EPS ( Riyal) (TTM)	2.69
Book Value (BV) ( Riyal)	16.09
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	16.78
P/E (TTM)	14.10
Price/book	2.36
Return on Average Assets (%) (TTM)	9.0
Return on Average Equity (%) (TTM)	17.4

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STC posts higher net profit at SAR 5194m in I2 of 2014

View other reports

Share Price

Saudi Telecom Co. (STC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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STC posts higher net profit at SAR 5194m in I2 of 2014

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Share Price

Saudi Telecom Co. (STC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)