stc profit rises 3% to SAR 11.31 bln in 2021; Q4 earnings at SAR 2.61 bln

21/02/2022 Argaam Exclusive

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stc reported a net profit after Zakat and tax of SAR 11.31 billion for 2021, a rise of 2.9% from SAR 11 billion in the year-ago period.

The company attributed the profit growth to higher revenue, lower operating expenses as well as lower Zakat and income tax.

Financials (M)

Item	2020	2021	Change‬
Revenues	58,953.32	63,007.99	6.9 %
Gross Income	33,954.40	33,794.03	(0.5 %)
Operating Income	12,731.13	13,127.76	3.1 %
Net Income	10,994.88	11,311.34	2.9 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	2.20	2.26	2.9 %

The telecom operator reported a net profit of SAR 2.61 billion for the fourth quarter of 2021, a 0.8% year-on-year (YoY) increase.

On a sequential basis, stc reported a 10.6% profit decline in Q4 2021 from SAR 2.92 billion in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	15,216.80	15,678.37	3.0 %
Gross Income	8,446.57	8,515.85	0.8 %
Operating Income	3,205.33	3,204.15	0.0 %
Net Income	2,592.38	2,613.65	0.8 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.52	0.52	0.8 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	15,735.35	15,678.37	(0.4 %)
Gross Income	8,368.88	8,515.85	1.8 %
Operating Income	3,191.71	3,204.15	0.4 %
Net Income	2,924.39	2,613.65	(10.6 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.58	0.52	(10.6 %)

Total shareholders’ equity, after minority interest, rose 8.3% to SAR 69.27 billion as of Dec. 31, 2021, from SAR 63.95 billion a year earlier.

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