Riyadh – Mubasher: Saudi Telecom Company (STC) on Wednesday said that net profits after calculating Zakat and Tax slightly rose by 2.88% in the third quarter of 2018, compared to the year-ago period.
STC posted a profit of SAR 2.64 billion during Q3-18, compared to SAR 2.56 billion in Q3-17, according to a bourse filing.
The telecommunications provider attributed the third-quarter profit growth to a rise in revenues.
Revenues grew 5.6% to SAR 13.3 billion from July to September this year, up from SAR 12.6 billion in the corresponding three months a year earlier.
Quarter-on-quarter, the Saudi firm's profits levelled up 8.1% in Q3-18, from SAR 2.44 billion.
During the first nine months of 2018, STC’s net profits went up 2.8% year-on-year to SAR 7.67 billion, compared to SAR 7.46 billion.
The Saudi firm noted that the nine-month period profits rose due to a SAR 715 million growth in consolidated revenues.
Sales increased 1.8% to SAR 38.90 million by the end of September, from SAR 38.18 million in the year-ago period.
Total shareholders’ equity, excluding the minority interest, levelled up 3.2% to SAR 64.3 million in the first nine months of 2018, compared to SAR 62.3 million a year earlier.
Earnings per share (EPS) amounted to SAR 3.84, up from SAR 3.73.
STC’s stock fell 2.17% to close Wednesday at SAR 81.30.
