Saudi Telecom Co. (STC) reported an interim net profit after Zakat and tax of SAR 8.4 billion for the first nine months of 2020, a marginal increase of 0.7% year-on-year (YoY), driven by growth in consolidated gross profit due to higher revenue.
However, operating expenses jumped due to a rise in selling and marketing expenses from an increase in doubtful debt provision in the current period. In addition, the company reported higher depreciation, amortization, and general and administration expenses.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 41,102.94 | 43,736.51 | 6.4 % |
| Gross Income | 24,031.58 | 25,507.83 | 6.1 % |
| Operating Income | 10,080.57 | 9,525.80 | (5.5 %) |
| Net Income | 8,343.95 | 8,402.50 | 0.7 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 1.67 | 1.68 | 0.7 % |
The telco’s net profit after Zakat and tax for Q3 2020 rose 0.7% YoY to SAR 2.76 billion, as consolidated gross profit rose on the back of higher revenues.
On a sequential basis, Q3 2020 net profit rose by 1.5%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 14,113.63 | 14,881.43 | 5.4 % |
| Gross Income | 7,920.82 | 8,970.96 | 13.3 % |
| Operating Income | 3,328.05 | 3,459.60 | 4.0 % |
| Net Income | 2,746.20 | 2,765.54 | 0.7 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.55 | 0.55 | 0.7 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 14,920.23 | 14,881.43 | (0.3 %) |
| Gross Income | 8,340.99 | 8,970.96 | 7.6 % |
| Operating Income | 3,062.17 | 3,459.60 | 13.0 % |
| Net Income | 2,724.22 | 2,765.54 | 1.5 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.54 | 0.55 | 1.5 % |
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