Financial Results : STC’s net profit up 11% in H1 2019

STC’s net profit up 11% in H1 2019

22/07/2019 Argaam Exclusive

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Saudi Telecom Co. (STC) posted a net profit after zakat and tax of SAR 5.59 billion for the first half of 2019, a rise of 11.25 percent year-on-year (YoY), the company said in a bourse statement.

 

The increase was backed by a rise of SAR 1.6 billion in consolidated revenue, a drop of SAR 448 million in cost of revenue, and a jump of SAR 2.01 billion in gross profit.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 25,428.47 26,989.32 6.1 %
Gross Income 14,102.03 16,110.77 14.2 %
Operating Income 5,533.27 6,752.52 22.0 %
Net Income 5,031.58 5,597.76 11.3 %
Average Shares 5,000.00 5,000.00 -
Earnings Per Share before unusual items (Riyals) 1.01 1.12 11.3 %
EPS (Riyal) 1.01 1.12 11.3 %

The second-quarter net profit after zakat and tax increased 16.5 percent YoY to SAR 2.9 billion, due to an increase of SAR 524 million in consolidated revenue, lower cost of revenue, and higher gross profit.

 

The company also cited higher EBIDTA due to the implementation of the IFRS 16.

 

When compared to previous quarter, net profit rose 3.56 percent, driven by increased revenue and higher gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 13,079.39 13,603.56 4.0 %
Gross Income 7,167.18 8,207.29 14.5 %
Operating Income 2,900.92 3,477.32 19.9 %
Net Income 2,444.05 2,848.02 16.5 %
Average Shares 5,000.00 5,000.00 -
Earnings Per Share before unusual items (Riyal) 0.49 0.57 16.5 %
EPS (Riyal) 0.49 0.57 16.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 12,519.63 3.1 % 7,159.87 (9.5 %) 2,353.28 (38.7 %)
Q2 2010 12,591.24 (0.7 %) 7,334.89 (5.0 %) 2,344.84 (27.4 %)
Q3 2010 13,232.39 2.3 % 7,884.82 1.7 % 3,254.86 4.6 %
Q4 2010 13,443.57 3.2 % 7,943.03 4.4 % 3,025.33 14.7 %
Q1 2011 13,076.30 4.4 % 7,488.43 4.6 % 2,668.75 13.4 %
Q2 2011 13,879.67 10.2 % 7,951.89 8.4 % 2,782.89 18.7 %
Q3 2011 14,015.11 5.9 % 8,073.04 2.4 % 3,000.18 (7.8 %)
Q4 2011 14,691.00 9.3 % 7,814.90 (1.6 %) 2,719.20 (10.1 %)
Q1 2012 11,067.36 (15.4 %) 6,329.04 (15.5 %) 2,675.36 0.2 %
Q2 2012 11,013.03 (20.7 %) 6,352.24 (20.1 %) 2,617.31 (6.0 %)
Q3 2012 11,429.91 (18.4 %) 6,459.29 (20.0 %) 2,470.09 (17.7 %)
Q4 2012 11,234.77 (23.5 %) 6,121.14 (21.7 %) 2,173.79 (20.1 %)
Q1 2013 11,473.88 3.7 % 6,494.46 2.6 % 2,717.94 1.6 %
Q2 2013 11,433.47 3.8 % 6,733.78 6.0 % 3,195.05 22.1 %
Q3 2013 11,426.85 0.0 % 7,193.36 11.4 % 3,377.39 36.7 %
Q4 2013 11,270.43 0.3 % 6,991.64 14.2 % 2,801.88 28.9 %
Q1 2014 10,782.89 (6.0 %) 6,211.34 (4.4 %) 2,665.78 (1.9 %)
Q2 2014 11,722.00 2.5 % 7,023.53 4.3 % 2,961.46 (7.3 %)
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,540.12 4.8 %
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,782.99 (0.7 %)
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 3,379.74 26.8 %
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,963.44 0.1 %
Q3 2015 12,894.71 9.7 % 7,624.10 0.0 % 3,038.06 (14.2 %)
Q4 2015 13,246.19 11.8 % 8,010.86 9.7 % 2,554.39 (8.2 %)
Q1 2016 13,228.62 6.1 % 7,076.10 (6.2 %) 2,856.43 (15.5 %)
Q2 2016 13,412.97 9.7 % 7,470.82 4.3 % 2,863.30 (3.4 %)
Q3 2016 14,025.79 8.8 % 7,117.39 (6.6 %) 2,402.82 (20.9 %)
Q4 2016 13,010.95 (1.8 %) 7,023.48 (12.3 %) 1,828.54 (28.4 %)
Q1 2017 12,524.11 (5.3 %) 6,923.88 (2.2 %) 2,615.07 (8.4 %)
Q2 2017 13,041.18 (2.8 %) 6,911.04 (7.5 %) 2,583.68 (9.8 %)
Q3 2017 12,621.35 (10.0 %) 7,400.59 4.0 % 2,906.90 21.0 %
Q4 2017 12,502.72 (3.9 %) 7,347.91 4.6 % 2,880.37 57.5 %
Q1 2018 12,349.08 (1.4 %) 6,934.85 0.2 % 2,632.35 0.7 %
Q2 2018 13,079.39 0.3 % 7,167.18 3.7 % 2,900.92 12.3 %
Q3 2018 13,319.89 5.5 % 7,850.74 6.1 % 3,235.52 11.3 %
Q4 2018 13,214.89 5.7 % 8,520.31 16.0 % 3,476.44 20.7 %
Q1 2019 13,385.75 8.4 % 7,903.48 14.0 % 3,275.20 24.4 %
Q2 2019 13,603.56 4.0 % 8,207.29 14.5 % 3,477.32 19.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2010 1,772.03 (28.8 %) 0.35 (10.07) 1,782.10 0.36
Q2 2010 2,061.99 (31.0 %) 0.41 (21.59) 2,083.58 0.42
Q3 2010 3,316.80 38.0 % 0.66 936.80 2,380.00 0.48
Q4 2010 2,285.51 (23.4 %) 0.46 763.95 1,521.56 0.30
Q1 2011 1,573.12 (11.2 %) 0.31 172.87 1,400.25 0.28
Q2 2011 2,256.37 9.4 % 0.45 (2.55) 2,258.91 0.45
Q3 2011 1,562.48 (52.9 %) 0.31 53.66 1,508.81 0.30
Q4 2011 2,336.69 2.2 % 0.47 427.98 1,908.70 0.38
Q1 2012 2,521.16 60.3 % 0.50 (3.81) 2,524.97 0.50
Q2 2012 2,407.57 6.7 % 0.48 (4.56) 2,412.13 0.48
Q3 2012 1,953.80 25.0 % 0.39 (33.58) 1,987.37 0.40
Q4 2012 393.44 (83.2 %) 0.08 (190.25) 583.68 0.12
Q1 2013 1,549.96 (38.5 %) 0.31 (226.53) 1,776.50 0.36
Q2 2013 1,428.95 (40.6 %) 0.29 (1146.75) 2,575.70 0.52
Q3 2013 3,385.59 73.3 % 0.68 39.29 3,346.30 0.67
Q4 2013 3,532.57 797.9 % 0.71 487.51 3,045.06 0.61
Q1 2014 2,390.94 54.3 % 0.48 0.64 2,390.29 0.48
Q2 2014 2,803.35 96.2 % 0.56 (50.57) 2,853.92 0.57
Q3 2014 3,371.75 (0.4 %) 0.67 2.86 3,368.89 0.67
Q4 2014 2,442.39 (30.9 %) 0.49 157.79 2,284.60 0.46
Q1 2015 2,503.58 4.7 % 0.50 (45.68) 2,549.25 0.51
Q2 2015 2,558.33 (8.7 %) 0.51 (55.28) 2,613.61 0.52
Q3 2015 2,322.15 (31.1 %) 0.46 (88.53) 2,410.68 0.48
Q4 2015 1,950.49 (20.1 %) 0.39 98.04 1,852.45 0.37
Q1 2016 2,396.58 (4.3 %) 0.48 (79.24) 2,475.82 0.50
Q2 2016 2,202.19 (13.9 %) 0.44 6.48 2,195.70 0.44
Q3 2016 2,216.94 (4.5 %) 0.44 (40.79) 2,257.72 0.45
Q4 2016 2,083.16 6.8 % 0.42 103.34 1,979.82 0.40
Q1 2017 2,534.75 5.8 % 0.51 - 2,534.75 0.51
Q2 2017 2,356.48 7.0 % 0.47 - 2,356.48 0.47
Q3 2017 2,569.37 15.9 % 0.51 - 2,569.37 0.51
Q4 2017 2,554.98 22.6 % 0.51 - 2,554.98 0.51
Q1 2018 2,587.53 2.1 % 0.52 - 2,587.53 0.52
Q2 2018 2,444.05 3.7 % 0.49 - 2,444.05 0.49
Q3 2018 2,642.62 2.9 % 0.53 - 2,642.62 0.53
Q4 2018 3,105.58 21.5 % 0.62 411.00 2,694.58 0.54
Q1 2019 2,749.74 6.3 % 0.55 - 2,749.74 0.55
Q2 2019 2,848.02 16.5 % 0.57 - 2,848.02 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 59.13 % 38.04 % 18.46 %
Q2 2010 58.46 % 36.87 % 16.76 %
Q3 2010 58.38 % 37.29 % 16.59 %
Q4 2010 58.55 % 37.89 % 15.00 %
Q1 2011 58.56 % 38.16 % 14.11 %
Q2 2011 58.30 % 38.33 % 14.10 %
Q3 2011 57.81 % 37.38 % 12.29 %
Q4 2011 56.28 % 35.98 % 12.71 %
Q1 2012 56.23 % 36.23 % 15.29 %
Q2 2012 56.25 % 36.51 % 16.45 %
Q3 2012 55.92 % 36.12 % 18.33 %
Q4 2012 56.46 % 36.37 % 16.78 %
Q1 2013 56.32 % 36.28 % 14.97 %
Q2 2013 56.63 % 37.08 % 15.19 %
Q3 2013 58.25 % 39.08 % 18.18 %
Q4 2013 60.11 % 40.50 % 23.56 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %
Q4 2014 61.07 % 41.16 % 23.64 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %
Q3 2015 59.94 % 39.46 % 19.94 %
Q4 2015 59.69 % 38.10 % 18.54 %
Q1 2016 57.91 % 36.88 % 18.13 %
Q2 2016 57.18 % 36.19 % 16.93 %
Q3 2016 55.04 % 34.38 % 16.29 %
Q4 2016 53.44 % 33.59 % 16.60 %
Q1 2017 53.87 % 33.53 % 16.93 %
Q2 2017 53.18 % 32.69 % 17.35 %
Q3 2017 55.20 % 34.28 % 18.44 %
Q4 2017 56.39 % 37.24 % 19.76 %
Q1 2018 56.61 % 37.32 % 19.93 %
Q2 2018 57.07 % 38.25 % 20.09 %
Q3 2018 57.17 % 38.48 % 19.96 %
Q4 2018 58.64 % 38.17 % 19.95 %
2018 58.64 % 38.17 % 19.95 %
Q1 2019 59.32 % 39.05 % 19.87 %
Q2 2019 60.69 % 40.28 % 20.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 5,000.00 2.03 1.89 8.50
Q2 2010 5,000.00 1.84 1.71 8.45
Q3 2010 5,000.00 2.03 1.70 8.94
Q4 2010 5,000.00 1.89 1.55 9.00
Q1 2011 5,000.00 1.85 1.48 9.05
Q2 2011 5,000.00 1.89 1.51 9.26
Q3 2011 5,000.00 1.54 1.34 9.15
Q4 2011 5,000.00 1.55 1.42 9.38
Q1 2012 5,000.00 1.74 1.64 9.81
Q2 2012 5,000.00 1.77 1.67 10.03
Q3 2012 5,000.00 1.84 1.77 10.34
Q4 2012 5,000.00 1.46 1.50 10.27
Q1 2013 5,000.00 1.26 1.35 10.34
Q2 2013 5,000.00 1.07 1.38 10.39
Q3 2013 5,000.00 1.35 1.66 10.81
Q4 2013 5,000.00 1.98 2.15 11.25
Q1 2014 5,000.00 2.15 2.27 11.40
Q2 2014 5,000.00 2.42 2.33 11.74
Q3 2014 5,000.00 2.42 2.33 12.04
Q4 2014 5,000.00 2.20 2.18 12.08
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13
Q3 2015 5,000.00 1.97 1.97 12.07
Q4 2015 5,000.00 1.87 1.89 12.11
Q1 2016 5,000.00 1.85 1.87 11.94
Q2 2016 5,000.00 1.77 1.79 11.88
Q3 2016 5,000.00 1.75 1.76 11.90
Q4 2016 5,000.00 1.78 1.78 11.99
Q1 2017 5,000.00 1.81 1.79 12.11
Q2 2017 5,000.00 1.84 1.83 12.21
Q3 2017 5,000.00 1.91 1.89 12.33
Q4 2017 5,000.00 2.00 2.00 12.57
Q1 2018 5,000.00 2.01 2.01 12.69
Q2 2018 5,000.00 2.03 2.03 12.76
Q3 2018 5,000.00 2.05 2.05 12.87
Q4 2018 5,000.00 2.16 2.07 13.10
Q1 2019 5,000.00 2.19 2.11 13.67
Q2 2019 5,000.00 2.27 2.19 12.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2010 9.36 10.06 2.24
Q2 2010 8.18 8.81 1.78
Q3 2010 7.64 9.08 1.73
Q4 2010 9.03 10.97 1.89
Q1 2011 8.34 10.43 1.70
Q2 2011 7.72 9.63 1.57
Q3 2011 8.86 10.17 1.49
Q4 2011 8.75 9.55 1.44
Q1 2012 9.40 9.95 1.66
Q2 2012 8.95 9.46 1.57
Q3 2012 8.61 8.99 1.54
Q4 2012 11.90 11.53 1.69
Q1 2013 12.44 11.60 1.52
Q2 2013 14.98 11.53 1.54
Q3 2013 12.78 10.43 1.60
Q4 2013 10.81 9.96 1.90
Q1 2014 12.29 11.62 2.32
Q2 2014 11.02 11.47 2.27
Q3 2014 12.29 12.76 2.47
Q4 2014 11.94 12.06 2.18
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23
Q3 2015 12.47 12.43 2.03
Q4 2015 14.66 14.52 2.26
Q1 2016 13.92 13.74 2.15
Q2 2016 14.52 14.41 2.17
Q3 2016 12.69 12.67 1.87
Q4 2016 16.31 16.29 2.42
Q1 2017 14.80 14.91 2.21
Q2 2017 16.76 16.88 2.52
Q3 2017 14.83 14.99 2.30
Q4 2017 13.70 13.70 2.18
Q1 2018 16.46 16.46 2.61
Q2 2018 17.66 17.66 2.81
Q3 2018 16.72 16.72 2.66
Q4 2018 17.03 17.71 2.80
Q1 2019 19.67 20.43 3.15
Q2 2019 18.30 18.98 3.32

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Other operating segments Consolidation adjustments & eliminations
Q1 2010 - - 12,519.63 -
Q2 2010 - - 12,591.23 -
Q3 2010 - - 13,232.40 -
Q4 2010 - - 13,443.57 -
Q1 2011 - - 13,076.31 -
Q2 2011 - - 13,879.66 -
Q3 2011 - - 14,015.12 -
Q4 2011 - - 14,690.99 -
Q1 2012 - - 11,067.36 -
Q2 2012 - - 11,013.03 -
Q3 2012 - - 11,429.92 -
Q4 2012 - - 11,234.77 -
Q1 2013 - - 11,473.88 -
Q2 2013 - - 11,433.48 -
Q3 2013 - - 11,426.84 -
Q4 2013 - - 11,270.43 -
Q1 2014 - - 10,782.89 -
Q2 2014 - - 11,722.01 -
Q3 2014 - - 11,754.60 -
Q4 2014 - - 11,566.14 -
Q1 2015 - - 12,473.48 -
Q2 2015 - - 12,222.15 -
Q3 2015 - - 12,894.71 -
Q4 2015 - - 13,060.27 -
Q1 2016 11,140.70 864.25 1,976.63 (752.96)
Q2 2016 11,759.92 814.10 2,092.28 (1253.32)
Q3 2016 11,578.66 694.60 2,148.24 (395.70)
Q4 2016 11,718.75 655.71 1,988.92 (2357.10)
Q1 2017 10,797.74 666.17 1,613.10 (552.90)
Q2 2017 11,131.56 742.11 2,239.26 (1071.76)
Q3 2017 9,839.32 467.79 2,071.73 242.50
Q4 2017 9,676.60 1,179.03 2,425.11 (806.03)
Q1 2018 9,698.95 1,252.37 2,042.44 (644.69)
Q2 2018 9,897.49 1,647.03 2,430.66 (895.78)
Q3 2018 10,197.06 1,110.89 2,416.37 (404.43)
Q4 2018 9,562.79 12,872.44 2,613.09 (11833.44)
Q1 2019 9,512.20 2,322.58 2,531.06 (980.09)
Q2 2019 10,340.08 6,278.51 3,051.22 (6066.25)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 2,726.00 2,848.02

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Riyad Capital 2,834.00 2,848.02
SNB Capital 2,793.00 2,848.02
AlJazira Capital 2,707.00 2,848.02
Al Rajhi Capital 2,696.00 2,848.02
OSOOL AND BAKHEET 2,600.00 2,848.02


Financial Ratios
Current
Market Cap (M Riyal) 210,500.21
Enterprise Value (EV) (M Riyal) 212,845.53
Shares Outstanding ((M)) 5,000.00
EPS ( Riyal) (TTM) 5.11
Book Value (BV) ( Riyal) 16.54
Par Value ( Riyal) 10.00
Recurring P/E 16.55
P/E (TTM) 8.23
Price/book 2.55
Return on Average Assets (%) (TTM) 16.4
Return on Average Equity (%) (TTM) 32.1
EV/adj EBITDA 8.90
EV/Revenues 2.78
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Share Price

Saudi Telecom Co.
42.10
0.56 1.35 %

Saudi Telecom Co. (STC)

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