Riyadh – Mubasher: The Saudi Telecom Company (stc) reported a 1.06% decline in annual profits for last year, as shown by its annual consolidated financial results for 2019.

Net profit after zakat and tax for last year amounted to SAR 10.67 billion, compared with SAR 10.78 billion for 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The marginal decrease in earnings resulted from an increase in revenue costs by SAR 486 million, as well as higher depreciation and amortization expenses as the telecom firm continues to invest in 5G network infrastructure, fibre optics, cloud computing services, and cybersecurity.

Moreover, the company’s board of directors has approved a share repurchase with a maximum amount of 5.5 million shares at a value of SAR 300 million, to be directed towards the employees’ incentives program. A decision that is subject to the approval of the next extraordinary general meeting (EGM).