Riyadh – Mubasher: Saudi Telecom Company (STC) announced its interim condensed consolidated financial results for the second quarter of 2019.
Net profits after zakat and tax increased by 16.53% to SAR 2.8 billion in Q2-19, compared to SAR 2.4 billion in Q2-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).
Revenues of the Saudi telecom provider levelled up by 4% year-on-year during the three-month period ended in June.
STC attributed the jump in profits to the increase in consolidated revenues by SAR 524 million, and a decline in cost of revenue by SAR 516 million, which led to the SAR 1.04 billion increase in gross profit.
For the first half of 2019, net profits of STC grew by 11.2% to SAR 5.59 billion, versus SAR 5.03 billion in H1-18.
Similarly, revenues advanced by 6.13% to SAR 26.9 billion in H1-19, from SAR 25.4 billion in the same period the year before.
Profit per share stood at SAR 2.8 during the first six months of 2019, compared to SAR 2.51 in the corresponding period a year earlier.
