Saudi Telecom Company (STC) has published its financial results for the six months ended 30 June 2017, reporting a 6.6% increase in net profit to SAR4.904 billion (USD1.3 billion) from SAR4.599 billion reported in the corresponding period of 2016. The company attributed the positive result mainly to a SAR819 million rise in other income, despite the SAR230 million year-on-year decrease in gross profit to SAR14.317 billion. In the period under review, STC reported revenues of SAR26.033 billion, a 2.3% decrease y-o-y from SAR26.642 billion, while EBITDA reached SAR9.243 billion, down 1.6% from SAR9.687 billion.
STC Group’s CEO Khaled Biyari commented: ‘The financial results achieved for the first half of 2017 reflects the efforts being made to constantly evolve, improve and develop the company strategy and operations and achieve the best returns for the shareholders. Despite the various difficulties facing the sector, STC sponsored programmes contributed to improve operational efficiency leading to improved income and margins. Therefore, net income for the second quarter increased 7.9% compared to the comparable period last year, and for the first half of 2017 net income increased 6.6% compared to the comparable period last year.’