stc posts 6% profit rise to SAR 3.28B in Q1 2024

Tadawul’s sixth largest listed company stc reported a 6% rise in Q1 2024 net profit to SAR 3.28 billion, from SAR 3.10 billion in the year-earlier period.

This annual profit growth was fueled by the SAR 921 million year-on-year (YoY) rise in the first-quarter revenues. The company’s gross profit increased by SAR 152 million, while Zakat charges and income tax decreased by SAR 131 million YoY. stc also reported a 13% YoY increase in subsidiaries’ revenues.

The telecom operator booked net other gains of SAR 52 million, compared to net other losses of SAR 118 million. It also reported a decline of SAR 97 million in the cost of early retirement program and an increase of SAR 82 million in finance income.

On the other hand, the cost of sales and operating expenses (OpEx) increased by SAR 768 million and SAR 27 million YoY, respectively.

Other expenses rose by SAR 60 million on incurring SAR 177 million in finance costs, and net other expenses of -SAR 132 million.

The telecom operator’s net profit jumped 44.5% from SAR 2.27 billion in Q4 2023, as revenues increased by SAR 1.37 billion quarter-on-quarter (QoQ). Similarly, gross profit grew by SAR 458 million, while OpEx decreased by SAR 547 million. Subsidiaries’ revenues also went up 22.4% QoQ.

Total shareholders’ equity, after minority interest, reached SAR 80.44 billion as of March 31, 2024, compared to SAR 74.63 billion a year earlier.

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