STC’s net income for Q1 2020 reaches SR2,913m, up by 5.93%
The Saudi Telecom Company (STC) has announced the company’s preliminary financial results for the period ending March 31, 2020. The highlights include: ŮThe
revenues for the first quarter reached SR13,935 million with an increase of 4.1 percent compared to the corresponding quarter last year.
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gross profit for the first quarter reached SR8,196 million with an increase of 3.71 percent compared to the corresponding quarter last year.
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operating profit for the first quarter reached SR3,004 million with a decrease of 8.27 percent compared to the corresponding quarter last year.
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earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter reached SR5,330 million with a decrease of 1.04 percent compared to the corresponding quarter last year. ŮThe
net income for the first quarter reached SR2,913 million with an increase of 5.93 percent compared to the corresponding quarter last year.
STC will distribute a total of SR2,000 million in cash dividends for Q1 2020, representing SR1 per share. Nasser bin Sulaiman Al-Nasser, group CEO of STC, said that the company, despite the impact of COVID-19, was able to achieve topline growth by 4.1 percent. As a result, STC’s business units achieved distinct growth in revenue during the current quarter compared to the same quarter of the previous year. The increase in the Enterprise Business Unit revenues was supported by innovative products in the field of Internet of Things (IoT), cloud computing and cybersecurity, in addition to other telecom products and services. Further, the Wholesale Business Unit revenue also increased, supported by the growth witnessed in hubbing services. As for the Consumer Business Unit, revenues surged due to an increase in fiber optic subscribers by 23 percent and data revenue by 15.5 percent.
“The current COVID-19 crisis motivates us to continue our daily work proactively by taking the necessary actions and decisions to provide all our capabilities to actively handle the situation and reaffirm STC’s position as a national operator and enabler of digital transformation,” said Al-Nasser.