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stc posts higher profits in H1-22 initial results; dividends announced

stc posts higher profits in H1-22 initial results; dividends announced
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Riyadh – Mubasher: Saudi Telecom Company (stc) has achieved net profits after Zakat and tax worth SAR 5.87 billion in the first half (H1) of 2022, higher by 1.71% than SAR 5.77 billion in H1-21.

The company’s revenues totalled SAR 33.93 billion in H1-22, an annual growth of 7.39% from SAR 31.59 billion, according to the interim financial results on Wednesday.

In addition, the earnings per share (EPS) rose to SAR 2.94 during the first six months (6M) of 2022, compared to SAR 2.89 in the year-ago period.

In the second quarter (Q2) of 2022, the net profits after Zakat and tax inched up by 0.57% year-on-year (YoY) to SAR 2.83 billion from SAR 2.82 billion. Meanwhile, the revenues amounted to SAR 16.93 billion in Q2-22, a 6.54% YoY rise from SAR 15.89 billion.

In a separate bourse disclosure, the company announced an interim cash dividend distribution of SAR 1 per share, representing 10% of the share’s nominal value, for Q2-22.

The Tadawul-listed firm will pay out a total of SAR 1.99 billion for 1.99 billion eligible shares. The eligibility and distribution dates will be on 7 and 25 August, respectively.

During the January-March 2022 period, stc generated SAR 3.03 billion in net profit after Zakat and tax, up 2.81% from SAR 2.95 billion in Q1-21.