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stc reports improvement in 9M21 net profit on back of higher revenues

3 Nov 2021

Saudi Telecom Company (stc) has published its financial results for the nine months ended 30 September 2021, reporting a 3.5% increase in net profit to SAR8.698 billion (USD2.3 billion) from SAR8.402 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR3.593 billion increase in revenues and the booking of other income of SAR491 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 8.2% improvement in revenues to SAR47.330 billion (SAR43.737 billion in 9M20), while EBITDA reached SAR17.073 billion, up 3.7% y-o-y from SAR16.460 billion.

Eng. Olayan Mohammed Alwetaid, stc Group CEO, stated: ‘The company’s results for the nine-month period came in line with our expectations, as the company was able to grow its top line by 8.2% compared to the same period last year, which was achieved through the continuation of the exceptional performance from the Enterprise business unit and its ability to grow its revenues … The Wholesale business unit also contributed positively to the company’s performance, as it registered 3.4% revenue growth during the period due to the increase in its international revenues, benefitting from stc’s infrastructure investments which led to a growth in the company’s Hubbing services. As for the Consumer business unit, revenues increased for the residential segment, driven by an increase in FTTH and fixed wireless access subscribers by 15% and 27%, respectively.’

Saudi Arabia, Saudi Telecom Company (stc)

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