STC profits on the rise

The Saudi telco has reported an increase in profits compared to 2017.
STC, Business, Saudi Arabia, Vision 2030, Profits, Income, Strategy, Operations, Tech

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Saudi Telecom Company, better known as STC, has released its latest financial figures.

Revenue from services for the second quarter of 2018 reached SR 13.182 billion, an increase of 1.1 percent compared to the same quarter last year. For the first half of 2018, the company maintained the revenue level at SR 25.568 billion.

STC’s gross profits rose to SR 7.112 billion for the second quarter up 2.9 percent from the second quarter of 2017. Gross profit for the first half of 2018 was up 2 percent from 2017, hitting SR 14.109 billion.

Operating profits were up 12.3 percent from the same quarter last year, reaching SR 2.901 billion. For the first half of 2018, operating profits were up 6.4 percent from 2017, to SR 5.533 billion.

Eng. Nasser Bin Sulaiman Al Nasser, STC’s CEO, said the financial results were encouraging. “The results of the first half of 2018 were good compared to the corresponding period last year, as the company maintained the revenue level which was driven by an increase in data revenue by 6.7 percent,” he said. “The company continues the comprehensive program to improve the operational efficiency and to work on cost optimisation initiatives that have led to an increase in net profit by 3.7 percent in the second quarter of 2018 compared to the same quarter last year and by 2.9 percent for the six months of 2018 compared to the same period last year.”

Al Nasser also said the company aims to expand its investment in technical and FinTech solutions and content. He also mentioned the opening of a new data centre in Riyadh, which would help STC with its goal of becoming the largest provider of infrastructure in the Middle East for cloud computing services – with 12 new centres set to be added within the next three years.

Al Nasser also added, as the main provider of digital services and as part of the Saudi government’s Vision 2030 initiatives, STC will continue to deploy fibre optic broadband services in urban areas of the kingdom with the support from the Ministry of Communications and Information Technology.

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