Financial Results : stc net profit up 3% to SAR 3.035 bln in Q1 2022

stc net profit up 3% to SAR 3.035 bln in Q1 2022

28/04/2022 Argaam Exclusive

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Saudi telecom provider stc reported a net profit after Zakat and tax of SAR 3.035 billion for the first quarter of 2022, up 3% from SAR 2.952 billion in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 15,695.50 16,919.37 7.8 %
Gross Income 8,557.10 9,150.40 6.9 %
Operating Income 3,481.61 3,823.77 9.8 %
Net Income 2,952.09 3,035.10 2.8 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.59 0.61 2.8 %

The profit growth was driven by a revenue increase of SAR 1.296 billion as well as a decline in Zakat and income tax by SAR 59 million.

 

This was despite a rise of SAR 251 million in operating expenses.

 

The first-quarter net profit rose 16.1% quarter-on-quarter from SAR 2.614 billion.

 

Shareholders’ equity, excluding minority interest, rose by 8.1% to SAR 70.367 billion by the end of Q1 2022, from SAR 65.066 billion in the prior-year period.

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