Mubasher TV
Contact Us Advertising   العربية

STC logs SAR 10.8bn profit in 2018

STC logs SAR 10.8bn profit in 2018
STC ascribed its 2018 profit growth to an SAR 1.37 billion rise in consolidated revenue
STC
7010
-4.35% 39.60 -1.80

Riyadh – Mubasher: The Saudi Telecom Company (STC) on Wednesday reported a 22% year-on-year rise in profits during the fourth quarter of 2018.

STC’s profits after calculating Zakat and Tax amounted to SAR 3.11 billion from October to December 2018, compared to SAR 2.55 billion a year earlier, according to a bourse statement.

The telecoms operator attributed the fourth-quarter profit growth to a SAR 664 million rise in consolidated revenues, while services’ cost decreased by SAR 640 million.

Sales rose 5.3% to SAR 13.16 billion during Q4-18, against SAR 12.50 billion in Q4-17.

“STC is striving to achieve its strategy that is in line with the rapid changes and developments in the telecommunication sector and the digital transformation that the world is witnessing,” CEO Nasser Bin Sulaiman Al Nasser said.

Quarter-on-quarter, the Saudi firm’s profits levelled up 18% in the October-December period of 2018, from SAR 2.64 billion.

During the full year 2018, STC’s profits after calculating Zakat and Tax amounted to SAR 10.79 billion, up from SAR 10.02 billion.

The Tadawul-listed firm ascribed its 2018 profit growth to an SAR 1.37 billion rise in consolidated revenue, while revenues’ cost slumped SAR 603 million.

Revenues increased slightly by 2.72% to SAR 52.06 billion from January to December last year, up from SAR 50.69 billion in the prior year.

Earnings per share (EPS) hit SAR 5.4 in 2018, up from SAR 5.01.

STC’s stock remained stable to finish Wednesday’s trading activities at SAR 102.