AnnouncementDetails

Actions

Saudi Telecom Company (stc) announces its interim condensed consolidated financial results for the period ending on 30-09-2021 (Nine Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 15,73514,8815.73815,899-1.031
Gross Profit (Loss) 8,3698,971-6.718,3520.203
Operational Profit (Loss) 3,1923,460-7.7453,250-1.784
Net Profit (Loss) after Zakat and Tax 2,9242,7665.7122,8213.651
Total Comprehensive Income 2,9352,9120.7892,8493.018
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 47,33043,7378.215
Gross Profit (Loss) 25,27825,508-0.901
Operational Profit (Loss) 9,9249,5264.178
Net Profit (Loss) after Zakat and Tax 8,6988,4023.522
Total Comprehensive Income 8,9008,06410.367
Total Share Holders Equity (after Deducting Minority Equity) 68,50363,6647.6
Profit (Loss) per Share 4.354.2
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 SR 159m in the 3rd quarter of 2021 as compared to the comparable quarter last year was attributed mainly to the following:

- An increase in revenues by SR 854m which was offset by the increase in cost of revenue by SR 1,456m.

- Operating expenses decreased by SR 334m due to the decrease in selling and marketing expenses by SR 283m and general and administration expenses by SR 136m which was offset by an increase in depreciation and amortization by SR 85m.

- Other expenses in an amount of SR (28m) was booked during the current quarter as compared to SR (338m), mainly due to 1) the booking of net other gains in an amount of SR 195m, as compared to net other (losses) in an amount of SR (70m) mainly as a result of revaluation of STV LP fund units, 2) a reduction in cost of early retirement program in an amount of SR 90m.

- Zakat and income tax decreased by SR 92m.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The increase in net profit by SR 103m in the 3rd quarter of 2021 as compared to the previous quarter was attributed mainly to the following:

- An increase in gross profit by SR 17m as a result of the decrease in cost of revenue by SR 180m, while revenues decreased by SR 163m.

- The booking of other expenses in an amount of SR (28m) during the current quarter as compared to SR (158m), mainly due to the booking of net other gains in an amount of SR 195m as compared to net other (losses) in an amount of SR (9m), mainly as a result of revaluation of STV LP fund units.

- Yet, the operating expenses increased by SR 75m, due to the increase in general and administration expenses in an amount of SR 92m and depreciation and amortization by SR 38m which was offset by a decrease in selling and marketing expenses by SR 54m.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in net profit for 9 months period by SR 295m as compared to the comparable period last year, was mainly due to the following:

- An increase in revenues by SR 3,593m which was offset by the increase in cost of revenue by SR 3,823m.

- A decrease in operating expenses by SR 627m due to the decrease in general and administration expenses in an amount of SR 432m and selling and marketing expenses by SR 411m which was offset by an increase in depreciation and amortization by SR 216m.

- Yet, other expenses in an amount of SR (313m) was booked during the current period as compared to SR (208m), mainly due to the booking of net other gains in an amount of SR 164m, as compared to net other gains in an amount of SR 491m, mainly due to the gains booked in the comparable period with respect to selling the company’s direct share in Careem after completing Uber’s acquisition.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items NA
Additional Information Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the 9 months period amounted to SR 17,073m compared to SR 16,460m for the corresponding period last year, with an increase of 3.72%, and for the third quarter amounted to SR 5,606m compared to SR 5,788m for the same quarter last year, with a decrease of (3.14%).

The total number of Treasury shares related to the Employees Stock Incentives Plan stood at 2,850,655 shares at the end of the third quarter 2021 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 1,999,253 shares (in thousand) for the 3rd quarter and 9M period 2021.

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
114.0 1.4 (+1.24%)
Value Traded (SAR) Volume Traded
197,623,177.8 1,735,869