Saudi Telecom Company (stc) announces its annual consolidated financial results for the year ended 31-12-2022.
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 67,432 | 63,008 | 7.02 | ||
| Gross Profit (Loss) | 37,393 | 33,794 | 10.65 | ||
| Operational Profit (Loss) | 15,088 | 13,128 | 14.93 | ||
| Net Profit (Loss) after Zakat and Tax | 12,171 | 11,311 | 7.6 | ||
| Total Comprehensive Income | 12,840 | 11,717 | 9.58 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 73,500 | 69,271 | 6.11 | ||
| Profit (Loss) per Share | 2.44 | 2.27 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net profit by SAR 860m for 2022 as compared to last year was mainly attributed to the following:
- The increase in revenues by SAR 4,424m that was offset by a slight increase in cost of revenues by SAR 824m due to reversal of contingent liability provision in an amount of SAR 1,079m which had a positive impact on cost of revenues, and led to an increase in gross profit by SAR 3,599m. On the other side:
- Operating expenses increased by SAR 1,639m, mainly due to the increase in general & administration expenses by SAR 837m, selling and marketing expenses by SAR 524m and depreciation and amortization expenses by SAR 277m.
- Total other expenses increased by SAR 1,126m, mainly due to:
1. Recording an impairment provision related to BGSM investment in an amount of SAR (1,259m) during this year as compared to SAR (177m) in 2021, due to decline in fair value as a result of the decline in market conditions and quoted share prices of key underlying investment in the Malaysian market, which led to the re-evaluation of this investment based on these factors. 2. The increase in finance cost by SAR 78m that was offset by the increase in finance income by SAR 225m. 3. The increase in cost of early retirement program by SAR 52m.
- Zakat and income tax expense increased by SAR 43m. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the year ended 31 December 2022. |
| Additional Information | Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the year 2022 reached to SAR 25,079m compared to SAR 22,841m for last year, with an increase of 9.80%.
The total number of Treasury shares related to the Employees Stock Incentives Plan stood at 17,821,798 shares at the end of 2022 and those shares are not entitled for any dividends distribution. As a result, basic earnings per share (EPS) was calculated based on the weighted average number of ordinary shares in a total of 4,991,503 shares (in thousand) at the end of 2022.
For more information, please refer to the Investor Relations press release attached to the announcement. |
| Attached Documents |  |
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