Saudi telecom provider stc reported a net profit after Zakat and tax of SAR 3.035 billion for the first quarter of 2022, up 3% from SAR 2.952 billion in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 15,695.50 | 16,919.37 | 7.8 % |
| Gross Income | 8,557.10 | 9,150.40 | 6.9 % |
| Operating Income | 3,481.61 | 3,823.77 | 9.8 % |
| Net Income | 2,952.09 | 3,035.10 | 2.8 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.59 | 0.61 | 2.8 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 15,678.37 | 16,919.37 | 7.9 % |
| Gross Income | 8,515.85 | 9,150.40 | 7.5 % |
| Operating Income | 3,204.15 | 3,823.77 | 19.3 % |
| Net Income | 2,613.65 | 3,035.10 | 16.1 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.52 | 0.61 | 16.1 % |
The profit growth was driven by a revenue increase of SAR 1.296 billion as well as a decline in Zakat and income tax by SAR 59 million.
This was despite a rise of SAR 251 million in operating expenses.
The first-quarter net profit rose 16.1% quarter-on-quarter from SAR 2.614 billion.
Shareholders’ equity, excluding minority interest, rose by 8.1% to SAR 70.367 billion by the end of Q1 2022, from SAR 65.066 billion in the prior-year period.
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