Saudi Telecom’s net profit rises 14% in 2017

25/01/2018 Argaam Exclusive

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Saudi Telecom Co. (STC), the largest mobile services provider in Saudi Arabia, reported a net profit of SAR 10.13 billion for 2017, a 13.9 percent growth year-on-year (YoY), compared to SAR 8.899 billion a year earlier.

 

The company attributed the increase in net income to lower cost of sales, operating expenses, financing expenses and zakat and tax provisions, and higher operating income and margins.



Financials (M)

Item 2016 2017 Change‬
Revenues 53,678.34 50,689.35 (5.6 %)
Gross Income 28,687.78 28,583.42 (0.4 %)
Operating Income 9,951.09 10,986.01 10.4 %
Net Income 8,898.86 10,015.58 12.5 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.78 2.00 12.5 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 13,010.95 12,502.72 (3.9 %)
Gross Income 7,023.48 7,347.91 4.6 %
Operating Income 1,828.54 2,880.37 57.5 %
Net Income 2,083.16 2,554.98 22.6 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.42 0.51 22.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,371.75 (0.4 %) 0.67
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,442.39 (30.9 %) 0.49
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 2,503.58 4.7 % 0.50
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,558.33 (8.7 %) 0.51
Q3 2015 12,894.71 9.7 % 7,624.10 0.0 % 2,322.15 (31.1 %) 0.46
Q4 2015 13,246.19 11.8 % 8,010.86 9.7 % 1,950.49 (20.1 %) 0.39
Q1 2016 13,228.62 6.1 % 7,076.10 (6.2 %) 2,396.58 (4.3 %) 0.48
Q2 2016 13,412.97 9.7 % 7,470.82 4.3 % 2,202.19 (13.9 %) 0.44
Q3 2016 14,025.79 8.8 % 7,117.39 (6.6 %) 2,216.94 (4.5 %) 0.44
Q4 2016 13,010.95 (1.8 %) 7,023.48 (12.3 %) 2,083.16 6.8 % 0.42
Q1 2017 12,524.11 (5.3 %) 6,923.88 (2.2 %) 2,534.75 5.8 % 0.51
Q2 2017 13,041.18 (2.8 %) 6,911.04 (7.5 %) 2,356.48 7.0 % 0.47
Q3 2017 12,621.35 (10.0 %) 7,400.59 4.0 % 2,569.37 15.9 % 0.51
Q4 2017 12,502.72 (3.9 %) 7,347.91 4.6 % 2,554.98 22.6 % 0.51
2017 50,689.35 (5.6 %) 28,583.42 (0.4 %) 10,015.58 12.5 % 2.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %
Q4 2014 61.07 % 41.16 % 23.64 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %
Q3 2015 59.94 % 39.46 % 19.94 %
Q4 2015 59.69 % 38.10 % 18.54 %
Q1 2016 57.91 % 36.88 % 18.13 %
Q2 2016 57.18 % 36.19 % 16.93 %
Q3 2016 55.04 % 34.38 % 16.29 %
Q4 2016 53.44 % 33.59 % 16.60 %
Q1 2017 53.87 % 33.53 % 16.93 %
Q2 2017 53.18 % 32.69 % 17.35 %
Q3 2017 55.20 % 34.28 % 18.44 %
Q4 2017 56.39 % 37.24 % 19.76 %
2017 56.39 % 37.24 % 19.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2014 5,000.00 2.42 2.33 12.04
Q4 2014 5,000.00 2.20 2.18 12.08
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13
Q3 2015 5,000.00 1.97 1.97 12.07
Q4 2015 5,000.00 1.87 1.89 12.11
Q1 2016 5,000.00 1.85 1.87 11.94
Q2 2016 5,000.00 1.77 1.79 11.88
Q3 2016 5,000.00 1.75 1.76 11.90
Q4 2016 5,000.00 1.78 1.78 11.99
Q1 2017 5,000.00 1.81 1.79 12.11
Q2 2017 5,000.00 1.84 1.83 12.21
Q3 2017 5,000.00 1.91 1.89 12.33
Q4 2017 5,000.00 2.00 2.00 12.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2014 12.29 12.76 2.47
Q4 2014 11.94 12.06 2.18
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23
Q3 2015 12.47 12.43 2.03
Q4 2015 14.66 14.52 2.26
Q1 2016 13.92 13.74 2.15
Q2 2016 14.52 14.41 2.17
Q3 2016 12.69 12.67 1.87
Q4 2016 16.31 16.29 2.42
Q1 2017 14.80 14.91 2.21
Q2 2017 16.76 16.88 2.52
Q3 2017 14.83 14.99 2.30
Q4 2017 13.70 13.70 2.18

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Other operating segments Consolidation adjustments & eliminations 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)
Q3 2014 - - - - 6,159.92 2,950.32 2,639.42 4.95
Q4 2014 - - - - 6,070.61 3,035.10 2,471.11 (10.68)
Q1 2015 - - - - 8,440.66 3,066.91 967.15 (1.23)
Q2 2015 - - - - 7,996.74 3,171.23 1,057.86 (3.68)
Q3 2015 - - - - 8,401.59 2,981.61 1,511.66 (0.15)
Q4 2015 - - - - 8,640.52 3,050.16 1,273.82 95.77
Q1 2016 11,140.70 864.25 1,976.63 (752.96) - - - -
Q2 2016 11,759.92 814.10 2,092.28 (1253.32) - - - -
Q3 2016 11,578.66 694.60 2,148.24 (395.70) - - - -
Q4 2016 11,718.75 655.71 1,988.92 (2357.10) - - - -
Q1 2017 10,797.74 666.17 1,613.10 (552.90) - - - -
Q2 2017 11,131.56 742.11 2,239.26 (1071.76) - - - -
Q3 2017 9,839.32 467.79 2,071.73 242.50 - - - -
Q4 2017 9,676.60 1,179.03 2,425.11 (806.03) - - - -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 2,392.15 2,554.98 6.81 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
SNB Capital 2,520.00 2,554.98 1.4 %
Value Capital 2,451.50 2,554.98 4.2 %
Alistithmar Capital 2,431.50 2,554.98 5.1 %
AlJazira Capital 2,423.20 2,554.98 5.4 %
Riyad Capital 2,404.00 2,554.98 6.3 %
Al Rajhi Capital 2,353.00 2,554.98 8.6 %
Albilad Capital 2,325.00 2,554.98 9.9 %
Sico 2,229.00 2,554.98 14.6 %


Financial Ratios
Current
Market Cap (M Riyal) 193,000.00
Enterprise Value (EV) (M) 190,557.14
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) 17.05
P/E (TTM) 14.33
Price/book 2.40
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 17.4
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Share Price

Saudi Telecom Co.
38.60
0.10 0.26 %

Saudi Telecom Co. (STC)

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