Saudi Telecom net profit rises marginally to SAR 8.4 bln in 9M 2020

21/10/2020 Argaam Exclusive

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Saudi Telecom Co. (STC) reported an interim net profit after Zakat and tax of SAR 8.4 billion for the first nine months of 2020, a marginal increase of 0.7% year-on-year (YoY), driven by growth in consolidated gross profit due to higher revenue.

However, operating expenses jumped due to a rise in selling and marketing expenses from an increase in doubtful debt provision in the current period. In addition, the company reported higher depreciation, amortization, and general and administration expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	41,102.94	43,736.51	6.4 %
Gross Income	24,031.58	25,507.83	6.1 %
Operating Income	10,080.57	9,525.80	(5.5 %)
Net Income	8,343.95	8,402.50	0.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	1.67	1.68	0.7 %

The telco’s net profit after Zakat and tax for Q3 2020 rose 0.7% YoY to SAR 2.76 billion, as consolidated gross profit rose on the back of higher revenues.

On a sequential basis, Q3 2020 net profit rose by 1.5%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	14,113.63	14,881.43	5.4 %
Gross Income	7,920.82	8,970.96	13.3 %
Operating Income	3,328.05	3,459.60	4.0 %
Net Income	2,746.20	2,765.54	0.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.55	0.55	0.7 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	14,920.23	14,881.43	(0.3 %)
Gross Income	8,340.99	8,970.96	7.6 %
Operating Income	3,062.17	3,459.60	13.0 %
Net Income	2,724.22	2,765.54	1.5 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.54	0.55	1.5 %

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