stc net profit up 2% to SAR 5.773 bln in H1 2021

02/08/2021 Argaam Exclusive

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stc reported a net profit after Zakat and tax of SAR 5.773 billion for the first half of 2021, a rise of 2% from SAR 5.637 billion in the year-ago period.

The company attributed the profit growth to higher revenue, along with a decline in operating expenses amid lower general and administrative expenses and selling and marketing expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	28,855.09	31,594.27	9.5 %
Gross Income	16,536.87	16,909.30	2.3 %
Operating Income	6,066.20	6,731.89	11.0 %
Net Income	5,636.96	5,773.30	2.4 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	1.13	1.15	2.4 %

The telecom operator reported a net profit of SAR 2.821 billion for Q2 2021, a 4% increase compared to SAR 2.724 billion in the same quarter last year.

On sequential basis, Q2 net profit fell 4.4% on higher cost of revenue and higher operating expenses

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	14,920.23	15,898.77	6.6 %
Gross Income	8,340.99	8,352.20	0.1 %
Operating Income	3,062.17	3,250.29	6.1 %
Net Income	2,724.22	2,821.21	3.6 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.54	0.56	3.6 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	15,695.50	15,898.77	1.3 %
Gross Income	8,557.10	8,352.20	(2.4 %)
Operating Income	3,481.61	3,250.29	(6.6 %)
Net Income	2,952.09	2,821.21	(4.4 %)
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.59	0.56	(4.4 %)

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