STC’s 2Q15 net profit down 8.7% to USD682.1m

30 Jul 2015

Saudi Telecom Company (STC) has published its financial results for the three months ended 30 June 2015, reporting an 8.7% decrease in net profit to SAR2.558 billion (USD682.1 million) from SAR2.803 billion reported in Q2 2014. The company attributed the negative result mainly to 3.4% increase in operating expenses in the quarter, despite the SAR141 million year-on-year growth in gross profit to SAR7.164 billion. In the period under review, STC reported revenues of SAR12.222 million, a 4.26% increase y-o-y, while EBITDA reached SAR4.793 billion, up 2.4% from SAR4.680 billion.

STC Group’s CEO Khaled Biyari commented: ‘Revenues from services for the first half increased 9.7% compared to the comparable period last year and operating profit for the same period increased 12.7% compared to the comparable period last year. Therefore, we assure that STC will continue to invest in both its national human resources and infrastructure in order to reach the highest levels of customer satisfaction and enrich our customers’ experience. Within this frame, STC will continue to invest positively, especially in cutting-edge technology and broadband which will allow us to develop new services for our individual, residential and business customers. This will support STC strategic role in achieving sustainable growth, enabling government institutions and private sector transformation to the national knowledge-based economy, which requires strong infrastructure, high reliability through our communication networks, data centres and business applications.’

Saudi Arabia, Saudi Telecom Company (stc)