STC net profit slips 1% to SAR 10.7 bln in FY19

22/01/2020 Argaam Exclusive

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Saudi Telecom Co. (STC) reported a net profit after zakat and tax of SAR 10.66 billion for the fiscal year of 2019, compared to a net profit of SAR 10.78 billion a year earlier.

The drop was attributed to higher cost of revenue, higher depreciation and amortization expenses, in addition to booking higher other income & expenses mainly due to the increase in finance costs, according to the statement.

Financials (M)

Item	2018	2019	Change‬
Revenues	51,963.24	54,367.53	4.6 %
Gross Income	30,473.08	32,391.23	6.3 %
Operating Income	12,245.23	12,480.39	1.9 %
Net Income	10,779.77	10,664.67	(1.1 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	2.16	2.13	(1.1 %)

The telecom operator’s net profit for Q4 2019 fell 22.4% year-on-year (YoY) to SAR 2.41 billion amid higher cost of revenue and operating expenses.

On a sequential basis, Q4 2019 net profit slid by 12.2% due to higher selling and marketing expenses. STC also booked increased other income and expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	13,214.89	13,264.59	0.4 %
Gross Income	8,520.31	8,359.64	(1.9 %)
Operating Income	3,476.44	2,399.82	(31.0 %)
Net Income	3,105.58	2,320.71	(25.3 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.62	0.46	(25.3 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	14,113.63	13,264.59	(6.0 %)
Gross Income	7,920.82	8,359.64	5.5 %
Operating Income	3,328.05	2,399.82	(27.9 %)
Net Income	2,746.20	2,320.71	(15.5 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.55	0.46	(15.5 %)

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