stc net profit up to SAR 11.23B in 9M 2024; Q3 at SAR 4.64B

Telecom operator stc posted SAR 11.23 billion in net profit for the first nine months of 2024, an increase of 2% from SAR 11.02 billion in the year-ago period.

stc achieved revenues of SAR 56.62 billion in the nine-month period, which was partially offset by the increase in the cost of revenue by SAR 963 million. A withholding tax provision of SAR 1.5 billion was reversed in the current period as compared to reversal of a provision for non-recurring item of SAR 641 million in the comparable period last year.

The telco reported a net profit from discontinued operations of SAR 799 million in the current period from SAR 594 million a year earlier.

This is in addition to the decrease in Zakat and income tax expense by SAR 349 million.

On the other hand, operating expenses increased by SAR 349 million, mainly due to the booking of doubtful debt provision of SAR 554 million in selling and marketing expenses.

stc booked total other expenses of SAR 140 million from to SAR 967 million a year earlier.

This is despite the increase in finance income, net share in results of investments in associates and joint ventures, and lower net other expenses.

The third-quarter net profit fell 5.3% year-on-year to SAR 4.64 billion.

Sequentially, stc reported a 40.5% jump in Q3 net profit from SAR 3.3 billion in Q2 2024.

Total shareholders’ equity, after minority interest, reached SAR 79.28 billion as of Sept. 30, 2024, compared to SAR 78.83 billion a year earlier.

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