Saudi Telecom Company (STC) has published its financial results for the nine months ended 30 June 2019, reporting an 8.7% increase in net profit to SAR8.344 billion (USD2.22 billion) from SAR7.674 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR2.355 billion increase in revenues, which resulted in a SAR2.079 billion rise in gross profit (up by 9.5% year-on-year). In the period under review, STC reported a 6.1% improvement in revenues to SAR41.103 billion (SAR38.748 billion in 9M 2018), while EBITDA reached SAR16.279 billion, up 12.7% y-o-y from SAR14.447 billion.
Eng. Nasser Bin Sulaiman Al Nasser, STC Group CEO, stated: ‘The increase in net profit for the nine-month period of this year compared to the corresponding period last year by 8.73%, and the increase in net profits for the third quarter compared to the same quarter the last year by 3.90%, indicates the company’s constant strong performance supported by an increase in revenue from Consumer and Wholesale business units as well as STC’s subsidiaries. The company today is playing a key role in enabling digital transformation, which is one of the main objectives of the Saudi Vision 2030. Not to mention, we have spared no efforts in investing and supporting innovative solutions as we have worked on developing digital payments, big data, use of cloud computing, cybersecurity, IoT and artificial intelligence to remain among the best telecommunication and information technology companies in the world.’