Saudi Telecom Company (STC) has published its financial results for the nine months ended 30 September 2018, reporting a 2.9% increase in net profit to SAR8.77 billion (USD2.33 billion) from SAR8.11 billion in the corresponding period a year earlier. The company attributed the positive result mainly to a SAR715 million increase in revenues, which was offset by a SAR37 million growth in cost of sales, a SAR15 million increase in operating expenses and a SAR84 million increase in Zakat and tax provisions. In the period under review, STC reported a 1.9% improvement in revenues to SAR38.90 billion, while EBITDA reached SAR14.45 billion, up 6.2% from SAR13.60 billion.
STC Group’s acting CEO Nasser S. Al Nasser commented that ‘the net profit growth in the nine months period of 2018 compared to the same period last year by 2.9% and the net profit growth in Q3 2018 compared to the same period last year by 8.1%, was a result of the company’s constant efforts to provide best in class information technology services and the growth witnessed in both Enterprise and Wholesale Business Units’. He added: ‘STC will continue its strategy that aims to expand investment in different domains to diversify its source of income from both core and non-core business related activities. Further, the strategy is in line with the NTP 2020 and Visions 2030, which will enable the public and private sectors achieving their digitisation plans.’