Telecom operator stc posted SAR 6.11 billion in net profit for the first half of 2023, an increase of 4% year-on-year (YoY) from SAR 5.87 billion.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 33,749.32 | 36,506.30 | 8.2 % |
| Gross Income | 18,324.48 | 18,487.82 | 0.9 % |
| Operating Income | 7,543.43 | 7,011.49 | (7.1 %) |
| Net Income | 5,872.45 | 6,117.12 | 4.2 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 1.17 | 1.22 | 4.2 % |
Earnings per share amounted to SAR 1.23 in H1 2023, compared to SAR 1.18 in H1 2022.
The YoY H1 profit rise was mainly driven by the jump in revenues of SAR 2.75 billion, against a SAR 2.59 billion cost of revenues, thus bringing gross profit to SAR 164 million.
Meanwhile, finance income rose by SAR 268 million, while operating expenses increased by SAR 398 million as a result of stc’s continued investment in new domains in line with its strategy. Zakat and income tax expenses climbed by SAR 50 million.
The second-quarter net profit after Zakat and tax grew 6% to SAR 3 billion, from SAR 2.83 billion in Q2 2022.
Sequentially, stc reported a 3.25% profit fall from SAR 3.1 billion in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 16,829.96 | 18,326.98 | 8.9 % |
| Gross Income | 9,174.08 | 9,133.31 | (0.4 %) |
| Operating Income | 3,719.65 | 3,280.50 | (11.8 %) |
| Net Income | 2,837.35 | 3,008.45 | 6.0 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.57 | 0.60 | 6.0 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 18,179.32 | 18,326.98 | 0.8 % |
| Gross Income | 9,233.82 | 9,133.31 | (1.1 %) |
| Operating Income | 3,730.98 | 3,280.50 | (12.1 %) |
| Net Income | 3,108.67 | 3,008.45 | (3.2 %) |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.62 | 0.60 | (3.2 %) |
Total shareholders’ equity, after minority interest, reached SAR 75.49 billion as of June 30, 2023, compared to SAR 71.78 billion a year earlier.
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