Financial Results : stc 9M 2022 profit up 8% to SAR 9.413 bln; Q3 at SAR 3.541 bln

stc 9M 2022 profit up 8% to SAR 9.413 bln; Q3 at SAR 3.541 bln

27/10/2022 Argaam Exclusive

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stc reported a net profit after Zakat and tax of SAR 9.413 billion for the first nine months of 2022, an 8% increase, compared to SAR 8.698 billion in the year-earlier period.

 

The higher profit was due to a SAR 3.068 billion increase in revenue, offset by a SAR 18 million slump in the cost of revenue due to the reversal of contingent liability provision of SAR 1.079 billion. Accordingly, this led to a rise in gross profit by SAR 3.086 billion.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 47,329.62 50,057.06 5.8 %
Gross Income 25,278.18 27,285.59 7.9 %
Operating Income 9,923.60 11,040.92 11.3 %
Net Income 8,697.69 9,413.44 8.2 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.74 1.88 8.2 %

The telco’s Q3 2022 net profit after Zakat and tax reached SAR 3.541 billion, up by 21% from SAR 2.924 billion, due to a revenue increase by SAR 732 million year-on-year (YoY), offset by a decrease of SAR 939 million in cost of revenue, leading to an increase of SAR 1.671 billion in gross profit.

 

On a sequential basis, Q3 net profit jumped 24.8% from SAR 2.837 billion.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 15,735.35 16,307.74 3.6 %
Gross Income 8,368.88 8,961.11 7.1 %
Operating Income 3,191.71 3,497.49 9.6 %
Net Income 2,924.39 3,541.00 21.1 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.58 0.71 21.1 %

Total shareholders’ equity, after minority interest, reached SAR 73.331 billion as of Sept. 30, 2022, compared to SAR 68.503 billion in the year-earlier period.

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