Saudi Telecom Company (stc) has published its financial results for the three months ended 31 March 2020, reporting a 5.9% increase in net profit to SAR2.913 billion (USD772.4 million) from SAR2.750 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR549 million increase in revenues and the booking of other income of SAR177 million related to the sale of stc’s direct shares (8.88%) in Careem after Uber’s acquisition. In the period under review, stc reported a 4.1% improvement in revenues to SAR13.935 billion (SAR13.386 billion in 1Q19), while EBITDA reached SAR5.330 billion, down 1.0% y-o-y from SAR5.386 billion.
Eng. Nasser Bin Sulaiman Al Nasser, stc Group CEO, stated that stc’s business units achieved distinct growth in revenue during the current quarter compared to the same quarter of the previous year, with the increase of Enterprise Business Unit revenues supported by innovative products in the field of IoT, cloud computing and cyber security, in addition to other telecom products and services. Further, the Wholesale Business Unit’s revenue rose on the back of growth in Hubbing services, while the Consumer Business Unit was boosted by a 23% rise in fibre-optic subscribers and 15.5% growth in data revenue.