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Telecom giant stc reports higher profits of $2.5bn

October 29, 2022

RIYADH: Saudi Telecom Co. reported a higher profit of SR9.4 billion ($2.5 billion) for the first nine months of 2022 along with SR2 billion quarterly dividends.

The telecom giant announced a profit jump of 8 percent from SR8.7 billion in the same period a year ago on the back of a 6-percent surge in sales and revenue, according to a bourse filing.

Revenues hit SR50 billion during the nine-month period, up from SR47 billion last year, which was offset by lower cost of revenue.

During the third quarter, stc’s profits jumped 21 percent to reach SR3.5 billion.

stc's CEO attributed the positive results of the third quarter to the commitment to an integrated strategy and multi-sector investments, according to a statement.

This reflected significantly on profit growth and helped achieve sustainable yields for shareholders, Olayan Al Wetaid said.