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.
| 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.
| 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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