Saudi Telecom net profit rises marginally to SAR 8.4 bln in 9M 2020
ShareCopy to clipboard
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.
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%.