Saudi Telecom Company (STC) has published its financial results for the nine months ended 30 September 2017, reporting a 10.4% increase in net profit to SAR7.5 billion (USD2 billion) from SAR6.8 billion reported in the corresponding period of 2016. The company attributed the positive result mainly to a SAR2.1 billion decrease in cost of revenues, coupled with the SAR303 million year-on-year increase in gross profit to SAR21.9 billion. In the period under review, STC reported revenues of SAR38.9 billion, a 4.4% decrease y-o-y from SAR40.7 billion, while EBITDA reached SAR12.8 billion, down 8.5% from SAR14.2 billion.
STC Group’s CEO Khaled Biyari commented: ‘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.’