Saudi Telecommunication Company (stc Group) reported Monday a record $1.3 billion (SAR 4.9 billion) net profit for the third quarter, up 38.5% year-on-year compared to $944 million (SAR 3.5 billion) for the year-ago period, driven by higher group revenue.
stc's revenue for the third quarter jumped 11% year-on-year to $4.8 billion (SAR 18.1 billion), contributing to a higher net profit, a bourse filing showed Monday.
The Saudi telecom group's quarterly operational profit dropped 5.2% year-on-year to $1.2 billion (SAR 4.3 billion), while its total comprehensive income soared 40% year-on-year to $1.3 billion (SAR 5.1 billion).
For the first nine months of the year, stc's revenue climbed 9.1% year-on-year to $14.6 billion (SAR 54.6 billion), while its net profit surged 17.1% year-on-year to $2.9 billion (SAR 11 billion).
Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) for the first nine months stood at $5.1 billion (SAR 19.1 billion), down 2.4% compared to $5.2 billion (SAR 19.6 billion) for the year-ago period.
Dividends The company said it would distribute $531.2 million (SAR 2 billion), or $0.11 (SAR 0.4) per share, in total cash dividends for the third quarter of the year, adding that treasury shares related to the employee stock incentives plan, which reached 15,493,743 shares at the end of the quarter, were not entitled to any dividends distribution.
Last week, stc joined hands with South Korea's KT Corporation and Hyundai Engineering & Construction (Hyundai E&C) to embark on a digital infrastructure project set to shape Saudi Arabia's technological landscape for the next 50 years.
The three entities signed a memorandum of understanding (MoU), solidifying their commitment to integrating KT's expertise in digital transformation with Hyundai E&C's smart construction knowledge, complemented by stc group's robust network infrastructure.
Last month, stc acquired a 9.9% stake in Madrid-based telecom giant Telefónica, which operates in multiple European countries as well as Brazil, for $2.3 billion (SAR 8.5 billion).
In August, the Saudi company's subsidiary Telecommunications Towers Company (TAWAL) fully acquired three tower companies from United Group in Bulgaria, Croatia, and Slovenia for $1.3 billion (SAR 5 billion).
In the same month, stc Group's subsidiary iot squared signed a binding agreement to full acquire Saudi technology solutions company MachinesTalk.
