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STC Q4 earnings soar 15.6%; dividends approved

STC Q4 earnings soar 15.6%; dividends approved
The Saudi group’s profit went up by 3.9% yearly in 2020 to SAR 11.1 billion.
STC
7010
0.97% 125.40 1.20

Riyadh – Mubasher: Saudi Telecom Company (stc) gained SAR 2.7 billion in net profits during the fourth quarter (Q4) of 2020, up by 15.6% on a year-on-year (YoY) basis.

The positive quarterly results were supported by higher revenue by SAR 1.9 billion and lower operating expenses by SAR 760 million. STC also recorded other income and expenses worth SAR 160 million during the past three months, according to a bourse filing on Thursday.

Revenue for the October-December period of 2020 jumped by 14.7% YoY to reach SAR 15.2 billion, compared with SAR 13.3 billion in the same period a year earlier.

During fiscal year (FY) 2020, the Saudi group’s profit went up by 3.9% yearly to SAR 11.1 billion. 

In a separate statement, the company said it will distribute cash dividends of SAR 2 billion to shareholders for Q4-20, representing 10% of the share’s nominal value or SAR 1 per share. 

Eligibility of dividends will be to shareholders at the end of the second trading day following the general assembly’s meeting date, which will be disclosed later.