stc 2020 net profit up 3% to SAR 10.99 bln

21/01/2021 Argaam Exclusive

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stc reported an annual net profit after Zakat and tax of SAR 10.995 billion for 2020, rising 3% year-on-year (YoY), due to a SAR 4.58 billion increase in revenues.

Financials (M)

Item	2019	2020	Change‬
Revenues	54,367.53	58,953.32	8.4 %
Gross Income	32,391.23	33,954.40	4.8 %
Operating Income	12,480.39	12,731.13	2.0 %
Net Income	10,664.67	10,994.88	3.1 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	2.13	2.20	3.1 %

Q4 2020 net profit increased 16% YoY to SAR 2.68 billion, driven by a SAR 1.95 billion rise in revenue, and higher government and access charges.

The telecom operator also cited lower operating expenses and decreased selling and marketing expenses.

On a sequential basis, Q4 2020 net profit dipped 3%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	13,264.59	15,216.80	14.7 %
Gross Income	8,359.64	8,446.57	1.0 %
Operating Income	2,399.82	3,205.33	33.6 %
Net Income	2,320.71	2,592.38	11.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.46	0.52	11.7 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	14,881.43	15,216.80	2.3 %
Gross Income	8,970.96	8,446.57	(5.8 %)
Operating Income	3,459.60	3,205.33	(7.3 %)
Net Income	2,765.54	2,592.38	(6.3 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.55	0.52	(6.3 %)

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