Saudi Telecom’s revenue up by 11% in 2015

19 Feb 2016

Saudi Telecom Company (STC) has posted a net profit of SAR9.258 billion (USD2.47 billion) for the twelve months ended 31 December 2015, a decrease of 15.5% from SAR10.959 billion in the year-ago period. STC attributed the decline in net profit to a SAR2.64 billion increase in cost of services and a SAR1.96 billion increase in operating expenses during 2015, which was mainly due to: the booking of a SAR406 million impairment related to an early-retirement programme; a SAR306 million in losses on the sale/disposal of property, plant and equipment; and a SAR560 million rise in miscellaneous expenses. Gross profit for the twelve-month period totalled SAR30.343 billion, up 7.8% from SA28.156 billion in 2014. Revenue from services rose 11.8% year-on-year in the fourth quarter of 2015 to reach SAR13.246 billion, and for the twelve-month period turnover amounted to SAR50.837 billion, an increase of 10.9% from SAR45.826 billion the previous year.

Saudi Arabia, Saudi Telecom Company (stc)