STC’s net profit for Q3 reaches $690 million

Net income for the 9 months’ period of 2017 grew 10.4%
STC works side by side with public and private sector in the Kingdom to establish a contemporary environment for the digital transformation, Dr. Biyari says.
STC works side by side with public and private sector in the Kingdom to establish a contemporary environment for the digital transformation, Dr. Biyari says.

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STC group’s net income for the 3rd quarter of 2017 has increased 18.2% YoY and for the 9 months period of 2017 net income reached SR 7.5 billion($2 billion) an increase of 10.4% YoY. Operating profit for the 3rd quarter increased 23% YoY while Earnings Per share for the 9 months period of 2017 grew to reach SR 3.76($1) compared to SR 3.41($0.91) for the comparable period last year.

STC will distribute a total of SR 2,000 million($533 million) in cash dividend for Q3 2017, representing SR 1 per share.

STC Group CEO, Dr. Khaled H. Biyari, said: “The financial results for Q3 2017 were good due to the distinct growth in enterprise and wholesales sectors revenue despite the decline in consumer revenue during the period. These good results for the period were achieved as a result to the strategy adopted by the company several years ago to focus on diversifying income sources and to start innovative programs in order to improve the efficiency of the operations through increased productivity and the operational excellence program, which is working and delivering in term of improvement in net income and margins.

“STC through its various subsidiaries works hard and steadily side by side with public and private sector in the Kingdom to establish a contemporary environment for the digital transformation in Saudi Arabia and to establish a modern environment that contribute to the spread of the digital environment. As the growth strategy adopted by the company recently sought by all means to achieve the kingdom Vision 2030 and the NTP 2020 which means entering into a big change and major transformation in the telecom sector through new opportunities outside of traditional services. It will provide us with new opportunities outside our core business, and thus our market capitalisation will rapidly increase.”

He added that STC channels has recently been re-launched with a digital vision and new spirit as an important selling and distribution arm of the group, which is an important part of the transition to digital channels. This will be followed by successive steps in the near future that will bring STC closer to its objectives in meeting the customers’ needs and achieve attractive returns for the investors, Dr. Biyari said.

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