STC Q3 profit reaches SR2.6bn
Saudi Telecom Company (STC) has announced the company’s interim financial results for the period ending on Sept. 3.
STC group net income for the third quarter of 2017 increased 18.2 percent compared to the comparable quarter last year, and for the ninemonth period of 2017, the net income reached SR7.5 billion ($2 billion) — an increase of 10.4 percent compared to the comparable period last year. The operating profit for the third quarter increased 23 percent compared to the comparable quarter last year. Earnings per share for the nine-month period of 2017 grew to reach SR3.76 compared to SR3.41 for the same period last year.
STC will distribute a total of SR2,000 million in cash dividend for Q3 2017, representing SR1 per share.
The company said this is in accordance with the approved dividend policy for three years starting from the fourth quarter of 2015, which was announced on Nov. 11, 2015, and has been ratified during the general assembly meeting on April 4, 2016.
STC Group CEO Khaled H. Biyari said: “The financial results for Q3 2017 were good due to the distinct growth in enterprise and wholesale sectors revenue despite the decline in consumer revenue during the period.
These good results were achieved despite the various economic and regulatory conditions in the domestic market. These good results for the period were achieved as a result of the strategy adopted by the company several years ago to focus on diversifying income sources and to start innovative programs in order to improve the efficiency of the operations through increased productivity and the operational excellence program, which is working and delivering in terms of improvement in net income and margins. Therefore, net income for the third quarter increased 18.2 percent compared to the comparable period last year, and for the nine-month period of 2017 net income increased 10.4 percent compared to the comparable period last year.”
He added: “STC through its various subsidiaries works hard and steadily side by side with the public and private sector in the Kingdom to establish a contemporary environment for the digital transformation in Saudi Arabia and to establish a modern environment that contributes to the spread of the digital environment.”