Saudi Telecom Company (STC) has published its financial results for the three months ended 31 March 2019, reporting a 6.3% increase in net profit to SAR2.750 billion (USD733.1 million) from SAR2.588 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR324 million increase in revenues, which resulted in a SAR969 million increase in gross profit. In the period under review, STC reported an 8.4% improvement in revenues to SAR13.386 billion, while EBITDA reached SAR5.386 billion, up 19% from SAR4.527 billion.
Eng. Nasser Bin Sulaiman Al Nasser, STC Group CEO, stated: ‘What has been achieved in this quarter compared to the comparable quarter last year was a result of our commitment to implement and achieve STC’s strategic plans. The commitment to provide the best technical services, the cost optimisation initiatives, and the outstanding performance of our subsidiaries, as well as the investments in traditional and non-traditional sectors both had a positive impact on the financial results of the first quarter of this year.’
The executive added that in order to establish the company’s role in enabling digital transformation within the guidelines of Vision 2030, STC has signed three strategic agreements with international companies as part of the ‘5G Aspiration Project’ to deploy 5G networks and develop innovative services and solutions related to latest generation of networks and communication technologies.