STC's Q1 profits rise on increased revenue, cost savings

STC group CEO Nasser Sulaiman Al Nasser investments in 'traditional and non-traditional sectors' had a positive impact on the financial results.
STC, Saudi Telecom, Saudi Arabia, Business, Finance, Money, Tech

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STC's stand at Mobile World Congress 2019 in Barcelona.

Saudi Telecom Company’s (STC) net income rose 6.3% to SAR 2.75 billion (US$733.3 million) in the first quarter of 2019 amid ongoing cost optimisation initiatives, the company said in a statement.

Gross profit for the first quarter of 2019 rose 14% to SAR 7.9 billion ($2.1 billion), while revenues for the first quarter totalled SAR 13.38 billion ($3.56 billion), an 8.4% increase over the same quarter the previous year.

Earnings before taxes, zakat, depreciation and amortisation (EBITDA) reached SAR 5.86 million ($1.56 billion), an increase of 19%.

“What has been achieved this quarter compared to the comparable quarter last year was a result of our commitment to implement and achieve STC’s strategic plans,” said STC Group CEO Nasser Sulaiman Al Nasser.

“The commitment to provide the best technical services, the cost optimisation initiatives and the outstanding performance of our subsidiaries as well the investments in traditional and non-traditional sectors both had a positive impact on the financial results of the first quarter of this year,” he added.

STC has recently signed three agreements with international companies to deploy 5G networks across Saudi Arabia in a bid to launch one of the world’s fastest communications networks.

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