stc 2022 profit rises 8% to SAR 12.2 bln; Q4 at SAR 2.8 bln

Telecom operator stc reported a net profit after Zakat and tax of SAR 12.2 billion for 2022, a rise of 8% from SAR 11.3 billion in 2021.

The higher profit was driven by revenue, which grew by SAR 4.42 billion year-on-year (YoY), offset by a slight increase of SAR 824 million in the cost of revenue due to the reversal of contingent liability provision of SAR 1.07 billion. Accordingly, gross profit rose by SAR 3.59 billion.

On the other hand, operating expenses rose by SAR 1.63 billion, as general and administrative expenses increased by SAR 837 million, with selling and marketing expenses, as well as depreciation and amortization expenses rising by SAR 524 million and SAR 277 million, respectively.

The fourth-quarter net profit after Zakat and tax grew 6% to SAR 2.8 billion, from SAR 2.6 billion in Q4 2021.

stc reported a 22.1% profit fall in Q4 2022 from SAR 3.54 billion in Q3 2022. 

Total shareholders’ equity, after minority interest, reached SAR 73.50 billion as of Dec. 31, 2022, compared to SAR 69.27 billion a year earlier.

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