Riyadh – Mubasher: Saudi Telecom Company (stc) posted a 7.73% year-on-year (YoY) increase in net profit to SAR 6.59 billion during the first half (H1) of 2024 compared to SAR 6.11 billion.

The earnings per share (EPS) went up to SAR 1.32 as of 30 June 2024 from SAR 1.23 in the year-ago period, according to the interim condensed consolidated financial results.

The revenues also soared by 4.79% to SAR 38.25 billion during the January-June 2024 period from SAR 36.50 billion in the corresponding six months (6M) last year.

Financial Results for April-June 2024

During the second quarter (Q2) of 2024, stc registered SAR 3.30 billion worth of net profits, signalling a 9.84% growth from SAR 3 billion in Q2-23.

The revenues also increased by 4.51% to SAR 19.15 billion during April-June 2024 compared to SAR 18.32 billion in the same period a year ago.

On a quarterly basis, the telecom company’s Q2-24 net profits were marginally higher by 0.54% from SAR 3.28 billion in Q1-24 while the revenues inched up 0.28% from SAR 19.10 billion.

Cash Dividends for Q2-24

stc, meanwhile, announced an interim dividend of SAR 0.40 per share for Q2-24.

The company will distribute 4% of the share par value at a total value of SAR 1.99 billion over 4.98 billion eligible shares.

stc has set the eligibility and distribution dates for Q2-24 cash dividends as 28 July and 15 August, respectively.

Commenting on the financial performance during the January-June 2024 period, Olayan Mohammed Alwetaid, stc Group CEO, said that stc continues its efforts to support the digitisation of operational processes and enhance the application of modern technologies for several strategic projects of the Kingdom's Vision 2030, including, but not limited to, the partnership with the General Authority of Ports, the Saudi Global Ports Company, and the Red Sea Gateway Terminal.

Alwetaid added that the group, through its Carrier and Wholesale unit, provides various digital services and solutions for the transportation and ports sector and others, contributing to improving performance, operations, economic competitiveness, cost reduction, and increasing the safety level of workers.