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stc reports an 8.2% increase in net profit in 9M 2022

3 Nov 2022

Saudi Telecom Company (stc) has published its financial results for the nine months ended 30 September 2022, reporting an 8.2% increase in net profit to SAR9.413 billion (USD2.507 billion) from SAR8.698 billion in the corresponding period a year earlier. The company attributed the positive result to a SAR3.068 billion increase in revenues (marginally offset by the rise in cost of revenues by SAR18 million), mainly due to reversal of contingent liability provision of SAR1.079 billion, which led to an increase in gross profit by SAR3.086 billion. In the period under review, stc reported a 6.5% improvement in revenues to SAR50.398 billion (SAR47.330 billion in 9M21), while EBITDA reached SAR19.577 billion, up 14.7% y-o-y from SAR17.073 billion.

Saudi Arabia, Saudi Telecom Company (stc)

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