Saudi Telecom Company (STC) has published its financial results for the six months ended 30 June 2018, reporting a 2.9% increase in net profit to SAR5.03 billion (USD1.34 billion) from SAR4.989 billion reported in 1H17. The company attributed the positive result mainly to a SAR271 million decrease in the cost of revenues, coupled with a SAR61 million annual decrease in operating expenses and a SAR61 million year-on-year increase in other income. In the period under review, STC reported flat revenues of SAR25.57 billion, while EBITDA reached SAR9.32 billion, up 5.2% from SAR8.86 billion.
STC Group’s acting CEO Nasser S. Al Nasser commented: ‘The results of the first half of 2018 were good compared to the corresponding period last year, as the company maintained the revenue level which was driven by an increase in data revenues by 6.7%. The company continues the comprehensive programme to improve the operational efficiency and to work on costs optimisation initiatives, that have led to an increase in the net profit by 3.7% in the second quarter of 2018 compared to the same quarter last year and by 2.9% for the six months of 2018 compared to the same period last year.’