STC’s net profit up 0.7% to SAR 5.637 bln in H1 2020

22/07/2020 Argaam Exclusive

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Saudi Telecom Co. (STC) reported a marginal increase in H1 2020 net profit after Zakat and tax to SAR 5.637 billion, compared to a net profit of SAR 5.598 billion a year earlier, buoyed by a 2.6% rise year-on-year (YoY), and higher revenue.

STC also booked SAR 562 million in net other gains, compared to net other losses of SAR 93 million in H1 2019, on the capital gains recorded from STC’s sale of a direct stake in Careem.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	26,989.32	28,855.09	6.9 %
Gross Income	16,110.77	16,536.87	2.6 %
Operating Income	6,752.52	6,066.20	(10.2 %)
Net Income	5,597.76	5,636.96	0.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	1.12	1.13	0.7 %

The second quarter net profit after Zakat and tax decreased by 4% YoY to SAR 2.72 billion, due to a rise in operating expenses, as well as higher selling, general, administrative and marketing expenses.

When compared to the previous quarter, the telecom operator’s net profit saw a decline of 6.4%, on higher operating expenses. Moreover, the telecom operator reported a decline in net other gains to SAR 131 million in Q2, from SAR 431 million in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	13,603.56	14,920.23	9.7 %
Gross Income	8,207.29	8,340.99	1.6 %
Operating Income	3,477.32	3,062.17	(11.9 %)
Net Income	2,848.02	2,724.22	(4.3 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.57	0.54	(4.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	13,934.85	14,920.23	7.1 %
Gross Income	8,195.88	8,340.99	1.8 %
Operating Income	3,004.03	3,062.17	1.9 %
Net Income	2,912.75	2,724.22	(6.5 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.58	0.54	(6.5 %)

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