Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Telecom Company (stc) increased by 17.08% to SAR 11.02 billion during the first nine months (9M) of 2023 from SAR 9.41 billion in 9M-22.
Earnings per share (EPS) stood at SAR 2.21 in 9M-23, marking a year-on-year (YoY) surge from SAR 1.89, according to the interim financial results.
Revenues climbed by 9.10% YoY to SAR 54.61 billion as of 30 September 2023 from SAR 50.05 billion.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the net profits after Zakat and tax of stc hit SAR 4.90 billion, an annual leap of 38.49% from SAR 3.54 billion.
The firm posted revenues amounting to SAR 18.10 billion during the July-September 2023 period, higher by 11.03% YoY than SAR 16.30 billion.
On a quarterly basis, the Q3-23 net profits grew by 63.03% from SAR 3 billion in Q2-23, while the revenues went down by 1.21% from SAR 18.32 billion.
Olayan Alwetaid, Group CEO of stc, commented: “During Q3, stc group acquired a 9.90% stake in Telefonica Group for SAR 8.50 billion. This investment aims at strengthening the cooperation between the two companies to benefit from all available opportunities in the future.
“The most recent was the acquisition deal of the group's subsidiary Tawal of United Group’s towers in Bulgaria, Croatia, and Slovenia,” Alwetaid continued.
Dividends
The board members of stc greenlighted cash dividends valued at SAR 1.99 billion for Q3-23.
Meanwhile, the telecom group will pay out a dividend of SAR 0.40 per share for 4.98 billion eligible shares.
Eligibility and distribution dates for the dividends, which represent 4% of the capital, will be 5 and 23 November 2023, respectively.
