stc net profit rises 17% to SAR 11.02 bln in 9M 2023; Q3 at SAR 4.9 bln

Telecom operator stc posted SAR 11.02 billion in net profit for the first nine months of 2023, an increase of 17% from SAR 9.41 billion in the year-ago period.

Revenues for the 9M period went up by SAR 4.55 billion year-on-year (YoY), offset by an increase in cost of revenues, leading to higher gross profit by SAR 510 million, the largest listed company on Tadawul said.

Total other revenues (expenses) stood at SAR 871 million as compared to SAR (1.61 billion), mainly due to higher finance income and net other gains.

In addition, stc noted the booking of net share in results and impairment of investments in associates and joint ventures at SAR 46 million as compared to SAR (1.28 billion). The telco had booked an impairment provision related to Binariang GSM Holding investment at SAR 1.25 billion in 9M 2022.

Meanwhile, operating expenses (OpEx) increased by SAR 1.28 billion, and, Zakat and income tax expense rose by SAR 199 million.

The third-quarter net profit grew 39% YoY to SAR 4.9 billion on higher revenues.

Sequentially, stc reported a 63% jump in Q3 net profit from SAR 3 billion in Q2 2023.

Total shareholders’ equity, after minority interest, reached SAR 78.83 billion as of Sept. 30, 2023, compared to SAR 73.33 billion a year earlier.

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