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stc records SAR 3bn profits in Q3, to pay SAR 2bn dividends

stc records SAR 3bn profits in Q3, to pay SAR 2bn dividends
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Riyadh – Mubasher: Saudi Telecom Company (stc) registered net profits after Zakat and tax of SAR 2.92 billion in the third quarter (Q3) of 2021, rising by 5.7% from SAR 2.76 billion in Q3-20.

Revenues increased year-on-year (YoY) by 5.7% to SAR 15.73 billion in Q3-21 from SAR 14.88 billion, according to the consolidated financial results on Thursday.

On a quarterly basis, the net profits in Q3-21 were 3.6% higher than SAR 2.82 billion in Q2-21, while the revenues decreased by 1% from SAR 15.89 billion.

As for the first nine months of 2021, stc posted a 3.5% YoY rise in net profits to SAR 8.69 billion from SAR 8.4 billion.

Earnings per share amounted to SAR 4.35 in the January-September 2021 period, compared to SAR 4.2 in the same nine months last year. Revenues grew 8.2% YoY to SAR 47.33 billion from SAR 43.73 billion.

In a separate disclosure to the Saudi Exchange (Tadawul), stc announced a cash dividend of SAR 1 per share, representing 10% of the share’s nominal value, for Q3-21.

The telecom firm will distribute a total amount of SAR 1.99 billion for 1.99 billion eligible shares.

stc noted that the eligibility and distribution dates will be on 28 October and 18 November, respectively.