stc net profit grows 4% to SAR 8.69 bln in 9M 2021

21/10/2021 Argaam Exclusive

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stc reported a net profit after Zakat and tax of SAR 8.698 billion for the first nine months of 2021, a rise of 4% from SAR 8.402 billion in the year-ago period.

The company attributed the profit growth to higher revenue, and a decline of SAR 627 million year-on-year (YoY) in operating expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	43,736.51	47,329.62	8.2 %
Gross Income	25,507.83	25,278.18	(0.9 %)
Operating Income	9,525.80	9,923.60	4.2 %
Net Income	8,402.50	8,697.69	3.5 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	1.68	1.74	3.5 %

The telecom operator reported a net profit of SAR 2.924 billion for Q3 2021, a 6% rise compared to SAR 2.766 billion in the same quarter last year, driven by a rise in revenue and lower operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	14,881.43	15,735.35	5.7 %
Gross Income	8,970.96	8,368.88	(6.7 %)
Operating Income	3,459.60	3,191.71	(7.7 %)
Net Income	2,765.54	2,924.39	5.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.55	0.58	5.7 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	15,898.77	15,735.35	(1.0 %)
Gross Income	8,352.20	8,368.88	0.2 %
Operating Income	3,250.29	3,191.71	(1.8 %)
Net Income	2,821.21	2,924.39	3.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.56	0.58	3.7 %

On a quarter-on-quarter basis, Q3 net profit rose 3.65% from SAR 2.821 billion.

Shareholders’ equity, after minority interest, rose 7.6% to SAR 68.50 billion as of Sept. 30, 2021, from SAR 63.66 billion a year earlier.

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