stc 2024 net profit soars 86% to SAR 24.7B; Q4 at SAR 13.5B

stc reported a net profit of SAR 24.7 billion in 2024, an increase of 86% compared to SAR 13.3 billion in the year-earlier period.

The telco’s revenue grew 6% year-on-year (YoY) to SAR 75.89 billion, mainly attributed to higher revenue from stc KSA (+0.9%) and stc subsidiaries (+16.4%). The higher revenue was, however, offset by the increase in cost of sales.

Withholding tax provisions amounting to SAR 1.5 billion were written back during this year as compared to the reversal of provisions for non-recurring items last year. Additionally, gross profit increased by SAR 2.5 billion.

Further, stc booked a net profit of SAR 13.97 billion from discontinued operations as compared to SAR 759 million in 2023, mainly as a result of gains booked from the sale of stc’s controlling interest in its subsidiaries, Telecommunications Towers Co. (TAWAL) and Digital Infrastructure Co. for SAR 12.88 billion.

The telecom service provider reported lower Zakat and income tax expenses.

Meanwhile, operating expenses increased mainly due to higher selling and marketing costs and booking doubtful debt provisions. In addition, general and administrative expenses, and depreciation & amortization rose by SAR 388 million and SAR 216 million, respectively.

The company booked total other expenses of SAR 2.29 billion in 2024, compared to SAR 826 million earlier.

Q4 2024 net earnings surged to SAR 13.5 billion, from SAR 2.3 billion a year ago.

On a sequential basis, net profit skyrocketed from SAR 4.6 billion in Q3 2024.

Total shareholders’ equity, excluding minority interest, stood at SAR 89.41 billion by Dec. 31, 2024, compared to SAR 78.98 billion a year earlier.

Attached Documents

View More Financial Results