STC reports an 8% increase in net profit to SAR11bn in 2018

24 Jan 2019

Saudi Telecom Company (STC) has published its financial results for the twelve months ended 31 December 2018, reporting a 7.7% increase in net profit to SAR10.790 billion (USD2.87 billion) from SAR10.016 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR664 million increase in revenues and a SAR579 million decline in cost of revenues relating to the amendment of the mechanism for calculating service provisioning fees, which resulted in a SAR1.303 billion increase in gross profit. In the period under review, STC reported a 2.7% improvement in revenues to SAR52.068 billion, while EBITDA reached SAR19.857 billion, up 7.7% from SAR18.431 billion.

In operational terms, STC disclosed that the number of its fibre-to-the-home (FTTH) customers increased by 18% year-on-year compared to 2017, to reach around 600,000 subscribers.

Saudi Arabia, Saudi Telecom Company (stc)