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stc profits up 0.7% in Q3; dividends approved

stc profits up 0.7% in Q3; dividends approved
Revenues amounted to SAR 14.9 billion in Q3-20.
-6.52% 38.70 -2.70

Riyadh – Mubasher: Saudi Telecom Company (stc) achieved SAR 2.8 billion in net profits over the third quarter (Q3) of 2020, up by 0.7% on a year-on-year (YoY) basis.

The rise in interim profits was helped by growth of 13.26% in gross profit, as a result of higher revenues by 5.43% and lower revenue costs by 4.56%, according to a bourse statement on Wednesday.

Meanwhile, operating expenses soared by SAR 919 million due to a surge in selling and marketing expenses by SAR 524 million.

Revenues for the July-September period hit SAR 14.9 billion, compared to SAR 14.11 billion in the year-ago quarter.

During the first nine months of the year, stc’s earnings levelled up by 0.7% annually to reach SAR 8.402 billion.

In a separate filing, the company said it will pay cash dividends of SAR 2 million to shareholders for Q3-20. The approved amount represents 10% of the share’s nominal value or SAR 1 per share.

Eligibility of dividends will be to the shareholders at the end of Wednesday, 28 October 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.

The distribution date is 18 November 2020.