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Saudi Telecom Company (stc) announces its interim condensed consolidated financial results for the period ending on 31-3-2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 19,100 | 18,179 | 5.066 | 17,724 | 7.763 |
| Gross Profit (Loss) | 9,386 | 9,234 | 1.646 | 8,928 | 5.129 |
| Operational Profit (Loss) | 3,856 | 3,731 | 3.35 | 2,851 | 35.25 |
| Net profit (Loss) | 3,286 | 3,109 | 5.693 | 2,274 | 44.503 |
| Total Comprehensive Income | 3,370 | 3,113 | 8.255 | 2,111 | 59.639 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 80,440 | 74,631 | 7.783 |
| Profit (Loss) per Share | 0.66 | 0.62 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in revenues by SAR 921m in the 1st quarter as compared to the comparable quarter last year was mainly attributed to the increase in stc KSA’s revenues by 1.2% driven by an increase in commercial unit revenues by 6.7%, carriers and wholesale unit revenues by 5.7%, which offset the decline in business unit revenues. Furthermore, stc’s subsidiaries revenues also increased by 13.0%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit by SAR 177m in the 1st quarter as compared to the comparable quarter last year was mainly attributed to the following: - The increase in revenues by SAR 921m, that was offset by the increase in cost of revenue by SAR 768m, which led to an increase in gross profit by SAR 152m. - The decrease in zakat and income tax expense by SAR 131m. On the other side: - Operating expenses slightly increased by SAR 27m
- Total other expenses increased by SAR 60m, mainly due to: 1. The increase in finance cost by SAR 177m. 2. The booking of net other (expenses) in an amount of SAR (132m) as compared to net other income in an amount of SAR 31m.
3. The booking of net share in results and impairment of investments in associates and joint ventures in an amount of SAR (57m) as compared to SAR 13m. 4. This is despite of: (a) The booking of net other gains in an amount of SAR 52m as compared to net other (losses) in an amount of SAR (118m). (b) The decrease in cost of early retirement program by SAR 97m. (c) The increase in finance income by SAR 82m. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues by SAR 1,376m in the 1st quarter as compared to the previous quarter was mainly attributed to the increase in stc KSA’s revenues by 1.1% driven by an increase of commercial unit revenues by 2.2%, carriers and wholesale unit revenues by 34.6%, which offset the decline in business unit revenues. Furthermore, stc’s subsidiaries revenues also increased by 22.4%. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit by SAR 1,012m in the 1st quarter as compared to the previous quarter was mainly attributed to the following: 1. The increase in revenues by SAR 1,376m, that was offset by the increase in cost of revenue by SAR 918m, which led to an increase in gross profit by SAR 458m. 2. The decrease in operating expenses by SAR 547m, mainly due to the decrease in general & administration expenses by SAR 286m, selling and marketing expenses by SAR 163m, and the decrease in depreciation and amortization expenses by SAR 98m. 3. The decrease in zakat and income tax expense by SAR 67m. On the other side: - Total other expenses slightly increased by SAR 3m, mainly due to: 1. The increase in net other expenses by SAR 84m. 2. The booking of net share in results and impairment of investments in associates and joint ventures in an amount of SAR (57m) as compared to SAR 7m. 3. This is despite of: (a) The booking of net other gains in an amount of SAR 52m as compared to net other (losses) in an amount of SAR (12m). (b) The decrease in finance cost by SAR 65m. (c) The increase in finance income by SAR 12m. (d) The decrease in cost of early retirement program by SAR 3m. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the period ended 31 March 2024. |
| Additional Information | Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter amounted to SAR 6,474m as compared to SAR 6,343m for the comparable quarter last year, with an increase of 2.07%. The total number of Treasury shares related to the Employees Stock Incentives Plan stood at 15,493,743 shares at the end of Q1 2024, and those shares are not entitled for any dividends distribution. As a result, basic earnings per share (EPS) was calculated based on the weighted average number of ordinary shares in a total of 4,984,506 shares (in thousand) for the 1st quarter of 2024. For more information, please refer to the investor relations press release attached to the announcement. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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