Financial Results : STC net profit rises 6% in Q1 2020

STC net profit rises 6% in Q1 2020

21/04/2020 Argaam Exclusive

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Saudi Telecom Co. (STC) reported a net profit after Zakat and tax of SAR 2.91 billion for the first quarter of 2020, a rise of 6% year-on-year (YoY), driven by higher revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 13,385.75 13,934.85 4.1 %
Gross Income 7,903.48 8,195.88 3.7 %
Operating Income 3,275.20 3,004.03 (8.3 %)
Net Income 2,749.74 2,912.75 5.9 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.55 0.58 5.9 %

The first quarter net profit after Zakat and tax jumped 25.5% when compared to Q4 2019, thanks to a rise in revenue along with lower operating expenses, selling, general, administrative and marketing expenses.

 

Earnings before depreciation, amortization, interest, zakat and taxes (EBITDA) for the first quarter reached SAR 5.33 billion, compared to SAR 5.39 billion for the same quarter last year, a decrease of 1% YoY.

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