Saudi Telecom Company (STC) has published its financial results for the six months ended 30 June 2019, reporting an 11.2% increase in net profit to SAR5.598 billion (USD1.49 billion) from SAR5.032 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR1.561 billion increase in revenues, which resulted in a SAR2.009 billion increase in gross profit. In the period under review, STC reported an 6.1% improvement in revenues to SAR26.989 billion, while EBITDA reached SAR11.041 billion, up 18.5% year-on-year from SAR9.318 billion.
Eng. Nasser Bin Sulaiman Al Nasser, STC Group CEO, stated: ‘STC continues to improve its performance and achieve positive results, which reflects the company’s strong operational and financial capabilities, its success in implementing its strategy, and developing and diversifying its business by providing the latest integrated communication services, digital and technological solutions. As a result, revenue from various business units (BU) achieved remarkable growth in the current quarter compared to the same quarter last year due to the increase in revenue from data, Wholesale BU, and Enterprise BU supported by the innovative products offering in the field of IoT, cloud, cybersecurity and other telecommunication products and services.’