STC reports 5% rise in Q1 profits to SAR 2.5 bln

20/04/2015 Argaam Exclusive

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Saudi Telecom Company (STC) reported a net profit of SAR 2.5 billion in first quarter of 2015, signaling a 5 percent rise when compared to the SAR 2.4 billion it recorded in the same period last year.

The increase was mainly attributed to a year-over-year increase of over 21 percent in total income, which rose to SAR 1,333 million during

. Lower Zakat and taxes also helped the company swing to a profit.

Saudi Arabia's largest mobile and fixed line operator said it had also realized a loss on investments recorded under the equity method in first quarter.

Looking at quarter-on-quarter changes, gains were attributed to higher gross profit and lower operating, sales and marketing expenses.

The company also witnessed a loss of SAR 136 million between Q4-2014 and Q1-2015 due in part to the sale and disposal of property and

equipment.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2014	Q1 2015	Change‬
Revenues	10,782.89	12,473.48	15.7 %
Gross Income	6,211.34	7,543.92	21.5 %
Operating Income	2,665.78	3,379.74	26.8 %
Net Income	2,390.94	2,503.58	4.7 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.48	0.50	4.7 %

Item	Q4 2014	Q1 2015	Change‬
Revenues	11,848.40	12,473.48	5.3 %
Gross Income	7,300.50	7,543.92	3.3 %
Operating Income	2,782.99	3,379.74	21.4 %
Net Income	2,442.39	2,503.58	2.5 %
Average Shares	5,000.00	5,000.00	-
EPS (Riyals)	0.49	0.50	2.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	8,515.11	7.5 %	6,383.40	4.3 %	3,414.71	13.4 %	0.68
Q2 2006	8,624.77	7.3 %	6,616.48	6.6 %	3,395.80	17.0 %	0.68
Q3 2006	8,405.99	3.7 %	6,099.71	0.4 %	3,202.01	(1.8 %)	0.64
Q4 2006	8,240.01	(2.8 %)	5,914.92	(8.1 %)	2,786.39	(14.8 %)	0.56
2006	33,785.89	3.8 %	25,014.51	0.7 %	12,798.90	2.8 %	2.56
Q1 2007	8,320.06	(2.3 %)	6,049.33	(5.2 %)	2,719.17	(20.4 %)	0.54
Q2 2007	8,444.00	(2.1 %)	6,405.60	(3.2 %)	3,102.76	(8.6 %)	0.62
Q3 2007	8,058.58	(4.1 %)	5,828.60	(4.4 %)	3,140.03	(1.9 %)	0.63
Q4 2007	9,635.17	16.9 %	6,922.61	17.0 %	3,059.78	9.8 %	0.61
2007	34,457.81	2.0 %	25,206.14	0.8 %	12,021.73	(6.1 %)	2.40
Q1 2008	9,574.71	15.1 %	7,212.79	19.2 %	3,029.27	11.4 %	0.61
Q2 2008	12,030.46	42.5 %	9,094.79	42.0 %	3,839.88	23.8 %	0.77
Q3 2008	13,537.76	68.0 %	10,392.71	78.3 %	3,012.33	(4.1 %)	0.60
Q4 2008	12,326.44	27.9 %	9,096.55	31.4 %	1,156.37	(62.2 %)	0.23
2008	47,469.37	37.8 %	35,796.84	42.0 %	11,037.85	(8.2 %)	2.21
Q1 2009	12,142.78	26.8 %	7,912.55	9.7 %	2,487.75	(17.9 %)	0.50
Q2 2009	12,674.12	5.4 %	7,723.03	(15.1 %)	2,990.22	(22.1 %)	0.60
Q3 2009	12,934.24	(4.5 %)	7,754.81	(25.4 %)	2,402.62	(20.2 %)	0.48
Q4 2009	13,028.94	5.7 %	7,610.31	(16.3 %)	2,982.78	157.9 %	0.60
2009	50,780.09	7.0 %	31,000.70	(13.4 %)	10,863.36	(1.6 %)	2.17
Q1 2010	12,519.63	3.1 %	7,159.87	(9.5 %)	1,772.03	(28.8 %)	0.35
Q2 2010	12,591.24	(0.7 %)	7,334.89	(5.0 %)	2,061.99	(31.0 %)	0.41
Q3 2010	13,232.39	2.3 %	7,884.82	1.7 %	3,316.80	38.0 %	0.66
Q4 2010	13,443.57	3.2 %	7,943.03	4.4 %	2,285.51	(23.4 %)	0.46
2010	51,786.83	2.0 %	30,322.60	(2.2 %)	9,436.33	(13.1 %)	1.89
Q1 2011	13,076.30	4.4 %	7,488.43	4.6 %	1,573.12	(11.2 %)	0.31
Q2 2011	13,879.67	10.2 %	7,951.89	8.4 %	2,256.37	9.4 %	0.45
Q3 2011	14,015.11	5.9 %	8,073.04	2.4 %	1,562.48	(52.9 %)	0.31
Q4 2011	14,691.00	9.3 %	7,814.90	(1.6 %)	2,336.69	2.2 %	0.47
2011	55,662.08	7.5 %	31,328.25	3.3 %	7,728.65	(18.1 %)	1.55
Q1 2012	11,067.36	(15.4 %)	6,329.04	(15.5 %)	2,521.16	60.3 %	0.50
Q2 2012	11,013.03	(20.7 %)	6,352.24	(20.1 %)	2,407.57	6.7 %	0.48
Q3 2012	11,429.91	(18.4 %)	6,459.29	(20.0 %)	1,953.80	25.0 %	0.39
Q4 2012	11,234.77	(23.5 %)	6,121.14	(21.7 %)	393.44	(83.2 %)	0.08
2012	44,745.08	(19.6 %)	25,261.70	(19.4 %)	7,275.96	(5.9 %)	1.46
Q1 2013	11,473.88	3.7 %	6,494.46	2.6 %	1,549.96	(38.5 %)	0.31
Q2 2013	11,433.47	3.8 %	6,733.78	6.0 %	1,428.95	(40.6 %)	0.29
Q3 2013	11,426.85	0.0 %	7,193.36	11.4 %	3,385.59	73.3 %	0.68
Q4 2013	11,270.43	0.3 %	6,991.64	14.2 %	3,532.57	797.9 %	0.71
2013	45,604.63	1.9 %	27,413.24	8.5 %	9,897.07	36.0 %	1.98
Q1 2014	10,782.89	(6.0 %)	6,211.34	(4.4 %)	2,390.94	54.3 %	0.48
Q2 2014	11,722.00	2.5 %	7,023.53	4.3 %	2,803.35	96.2 %	0.56
Q3 2014	11,754.61	2.9 %	7,620.88	5.9 %	3,371.75	(0.4 %)	0.67
Q4 2014	11,848.40	5.1 %	7,300.50	4.4 %	2,442.39	(30.9 %)	0.49
2014	45,825.64	0.5 %	28,155.63	2.7 %	10,959.49	10.7 %	2.19
Q1 2015	12,473.48	15.7 %	7,543.92	21.5 %	2,503.58	4.7 %	0.50

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	32,539.94	6.7 %	24,844.68	11.8 %	12,446.86	33.6 %	2.49
2006	33,785.89	3.8 %	25,014.51	0.7 %	12,798.90	2.8 %	2.56
2007	34,457.81	2.0 %	25,206.14	0.8 %	12,021.73	(6.1 %)	2.40
2008	47,469.37	37.8 %	35,796.84	42.0 %	11,037.85	(8.2 %)	2.21
2009	50,780.09	7.0 %	31,000.70	(13.4 %)	10,863.36	(1.6 %)	2.17
2010	51,786.83	2.0 %	30,322.60	(2.2 %)	9,436.33	(13.1 %)	1.89
2011	55,662.08	7.5 %	31,328.25	3.3 %	7,728.65	(18.1 %)	1.55
2012	44,745.08	(19.6 %)	25,261.70	(19.4 %)	7,275.96	(5.9 %)	1.46
2013	45,604.63	1.9 %	27,413.24	8.5 %	9,897.07	36.0 %	1.98
2014	45,825.64	0.5 %	28,155.63	2.7 %	10,959.49	10.7 %	2.19

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	75.76 %	51.89 %	41.11 %
Q2 2006	75.66 %	51.96 %	41.88 %
Q3 2006	75.06 %	49.38 %	40.03 %
Q4 2006	74.04 %	47.31 %	37.78 %
2006	74.04 %	47.31 %	37.78 %
Q1 2007	73.47 %	46.01 %	35.94 %
Q2 2007	73.24 %	45.58 %	35.35 %
Q3 2007	73.19 %	46.72 %	35.63 %
Q4 2007	73.15 %	46.92 %	34.94 %
2007	73.15 %	46.92 %	34.94 %
Q1 2008	73.84 %	47.70 %	34.56 %
Q2 2008	73.94 %	46.06 %	33.22 %
Q3 2008	75.09 %	44.13 %	29.78 %
Q4 2008	75.41 %	45.80 %	24.14 %
2008	75.41 %	45.80 %	24.14 %
Q1 2009	72.94 %	45.51 %	22.10 %
Q2 2009	69.31 %	44.94 %	20.10 %
Q3 2009	64.87 %	44.00 %	18.33 %
Q4 2009	61.05 %	40.59 %	20.26 %
2009	61.05 %	40.59 %	20.26 %
Q1 2010	59.13 %	38.04 %	18.46 %
Q2 2010	58.46 %	36.87 %	16.76 %
Q3 2010	58.38 %	37.29 %	16.59 %
Q4 2010	58.55 %	37.89 %	15.00 %
2010	58.55 %	37.89 %	15.00 %
Q1 2011	58.56 %	38.16 %	14.11 %
Q2 2011	58.30 %	38.33 %	14.10 %
Q3 2011	57.81 %	37.38 %	12.29 %
Q4 2011	56.28 %	35.98 %	12.71 %
2011	56.28 %	35.98 %	12.71 %
Q1 2012	56.23 %	36.23 %	15.29 %
Q2 2012	56.25 %	36.51 %	16.45 %
Q3 2012	55.92 %	36.12 %	18.33 %
Q4 2012	56.46 %	36.37 %	16.78 %
2012	56.46 %	36.37 %	16.78 %
Q1 2013	56.32 %	36.28 %	14.97 %
Q2 2013	56.63 %	37.08 %	15.19 %
Q3 2013	58.25 %	39.08 %	18.18 %
Q4 2013	60.11 %	40.50 %	23.56 %
2013	60.11 %	40.50 %	23.56 %
Q1 2014	60.41 %	41.03 %	25.29 %
Q2 2014	60.66 %	40.71 %	25.74 %
Q3 2014	61.16 %	41.37 %	25.61 %
Q4 2014	61.07 %	41.16 %	23.64 %
2014	61.44 %	41.59 %	23.67 %
Q1 2015	61.69 %	41.53 %	23.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	76.35 %	52.85 %	40.47 %
2006	74.04 %	47.31 %	37.78 %
2007	73.15 %	46.92 %	34.94 %
2008	75.41 %	45.80 %	24.14 %
2009	61.05 %	40.59 %	20.26 %
2010	58.55 %	37.89 %	15.00 %
2011	56.28 %	35.98 %	12.71 %
2012	56.46 %	36.37 %	16.78 %
2013	60.11 %	40.50 %	23.56 %
2014	61.44 %	41.59 %	23.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	74.97 %	49.87 %	40.10 %
Q2 2006	76.71 %	49.73 %	39.35 %
Q3 2006	72.56 %	47.04 %	37.78 %
Q4 2006	71.78 %	42.41 %	33.74 %
Q1 2007	72.71 %	44.69 %	32.74 %
Q2 2007	75.86 %	48.10 %	37.08 %
Q3 2007	72.33 %	51.79 %	39.01 %
Q4 2007	71.85 %	43.74 %	31.58 %
Q1 2008	75.33 %	47.87 %	31.60 %
Q2 2008	75.60 %	42.64 %	31.94 %
Q3 2008	76.77 %	43.09 %	25.28 %
Q4 2008	73.80 %	50.27 %	9.47 %
Q1 2009	65.16 %	46.21 %	21.63 %
Q2 2009	60.94 %	40.52 %	23.42 %
Q3 2009	59.96 %	39.37 %	18.67 %
Q4 2009	58.41 %	36.64 %	17.49 %
Q1 2010	57.19 %	35.62 %	14.23 %
Q2 2010	58.25 %	35.77 %	16.55 %
Q3 2010	59.59 %	40.94 %	17.99 %
Q4 2010	59.08 %	38.97 %	11.32 %
Q1 2011	57.27 %	36.82 %	10.71 %
Q2 2011	57.29 %	36.64 %	16.27 %
Q3 2011	57.60 %	37.09 %	10.77 %
Q4 2011	53.20 %	33.54 %	12.99 %
Q1 2012	57.19 %	38.20 %	22.81 %
Q2 2012	57.68 %	38.05 %	21.90 %
Q3 2012	56.51 %	35.55 %	17.39 %
Q4 2012	54.48 %	33.75 %	5.20 %
Q1 2013	56.60 %	37.77 %	15.48 %
Q2 2013	58.90 %	41.17 %	22.53 %
Q3 2013	62.95 %	43.54 %	29.28 %
Q4 2013	62.04 %	39.53 %	27.02 %
Q1 2014	57.60 %	39.79 %	22.17 %
Q2 2014	59.92 %	39.92 %	24.35 %
Q3 2014	64.83 %	46.02 %	28.66 %
Q4 2014	61.62 %	38.82 %	19.28 %
Q1 2015	60.48 %	41.37 %	20.44 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	5,000.00	2.57	2.72	7.25
Q2 2006	5,000.00	2.67	2.82	6.83
Q3 2006	5,000.00	2.66	2.72	6.87
Q4 2006	5,000.00	2.56	2.55	6.83
Q1 2007	5,000.00	2.42	2.41	6.78
Q2 2007	5,000.00	2.36	2.36	6.90
Q3 2007	5,000.00	2.35	2.36	7.02
Q4 2007	5,000.00	2.40	2.41	7.18
Q1 2008	5,000.00	2.47	2.47	7.31
Q2 2008	5,000.00	2.61	2.61	7.65
Q3 2008	5,000.00	2.59	2.67	7.78
Q4 2008	5,000.00	2.21	2.29	7.53
Q1 2009	5,000.00	2.10	2.21	7.48
Q2 2009	5,000.00	1.93	2.04	7.90
Q3 2009	5,000.00	1.81	1.84	8.13
Q4 2009	5,000.00	2.17	2.06	8.41
Q1 2010	5,000.00	2.03	1.89	8.50
Q2 2010	5,000.00	1.84	1.71	8.45
Q3 2010	5,000.00	2.03	1.70	8.94
Q4 2010	5,000.00	1.89	1.55	9.00
Q1 2011	5,000.00	1.85	1.48	9.05
Q2 2011	5,000.00	1.89	1.51	9.26
Q3 2011	5,000.00	1.54	1.34	9.15
Q4 2011	5,000.00	1.55	1.42	9.38
Q1 2012	5,000.00	1.74	1.64	9.81
Q2 2012	5,000.00	1.77	1.67	10.03
Q3 2012	5,000.00	1.84	1.77	10.34
Q4 2012	5,000.00	1.46	1.50	10.27
Q1 2013	5,000.00	1.26	1.35	10.34
Q2 2013	5,000.00	1.07	1.38	10.39
Q3 2013	5,000.00	1.35	1.66	10.81
Q4 2013	5,000.00	1.98	2.15	11.25
Q1 2014	5,000.00	2.15	2.27	11.40
Q2 2014	5,000.00	2.42	2.33	11.74
Q3 2014	5,000.00	2.42	2.33	12.04
Q4 2014	5,000.00	2.20	2.18	12.08
Q1 2015	5,000.00	2.22	2.21	12.06

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	5,000.00	2.49	2.63	6.57
2006	5,000.00	2.56	2.55	6.83
2007	5,000.00	2.40	2.41	7.18
2008	5,000.00	2.21	2.29	7.53
2009	5,000.00	2.17	2.06	8.41
2010	5,000.00	1.89	1.55	9.00
2011	5,000.00	1.55	1.42	9.38
2012	5,000.00	1.46	1.50	10.27
2013	5,000.00	1.98	2.15	11.25
2014	5,000.00	2.19	2.17	12.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	25.38	23.94	8.99
Q2 2006	17.76	16.78	6.94
Q3 2006	15.09	14.72	5.83
Q4 2006	12.93	12.97	4.85
Q1 2007	10.49	10.52	3.75
Q2 2007	9.86	9.86	3.38
Q3 2007	11.02	10.99	3.69
Q4 2007	13.93	13.91	4.67
Q1 2008	10.01	10.01	3.38
Q2 2008	9.26	9.27	3.16
Q3 2008	9.93	9.64	3.30
Q4 2008	8.90	8.57	2.61
Q1 2009	7.60	7.22	2.13
Q2 2009	10.68	10.11	2.61
Q3 2009	11.12	10.95	2.47
Q4 2009	8.12	8.57	2.10
Q1 2010	9.36	10.06	2.24
Q2 2010	8.18	8.81	1.78
Q3 2010	7.64	9.08	1.73
Q4 2010	9.03	10.97	1.89
Q1 2011	8.34	10.43	1.70
Q2 2011	7.72	9.63	1.57
Q3 2011	8.86	10.17	1.49
Q4 2011	8.75	9.55	1.44
Q1 2012	9.40	9.95	1.66
Q2 2012	8.95	9.46	1.57
Q3 2012	8.61	8.99	1.54
Q4 2012	11.90	11.53	1.69
Q1 2013	12.44	11.60	1.52
Q2 2013	14.98	11.53	1.54
Q3 2013	12.78	10.43	1.60
Q4 2013	10.81	9.96	1.90
Q1 2014	12.29	11.62	2.32
Q2 2014	11.02	11.47	2.27
Q3 2014	12.29	12.76	2.47
Q4 2014	11.94	12.06	2.18
Q1 2015	11.29	11.35	2.08

Period	P/E	Adjusted P/E	Price/book
2005	22.37	21.14	8.47
2006	12.93	12.97	4.85
2007	13.93	13.91	4.67
2008	8.90	8.57	2.61
2009	8.12	8.57	2.10
2010	9.03	10.97	1.89
2011	8.75	9.55	1.44
2012	11.90	11.53	1.69
2013	10.81	9.96	1.90
2014	12.00	12.12	2.18

Business Segments (Million)

Compared With The

Period	GSM	Landline	DATA	Un-allocated
Q1 2009	8,203.41	2,276.02	1,641.09	22.26
Q2 2009	8,078.78	2,660.90	1,889.14	45.31
Q3 2009	8,763.77	2,321.57	1,813.36	35.55
Q4 2009	9,042.06	2,027.64	1,903.96	55.28
Q1 2010	8,370.42	2,321.45	1,754.34	73.42
Q2 2010	8,274.92	2,514.25	1,744.81	57.26
Q3 2010	8,698.56	2,678.44	1,744.34	111.06
Q4 2010	8,815.84	2,641.88	1,897.42	88.43
Q1 2011	8,612.49	2,145.44	2,210.45	107.93
Q2 2011	9,300.53	2,165.08	2,279.18	134.88
Q3 2011	9,535.33	1,968.75	2,358.25	152.78
Q4 2011	10,460.75	2,030.05	2,539.65	(339.46)
Q1 2012	7,231.45	3,163.66	775.96	(103.71)
Q2 2012	5,953.44	2,773.26	2,747.33	(461.00)
Q3 2012	6,321.44	3,061.54	2,038.38	8.55
Q4 2012	6,534.06	3,295.52	1,450.81	(45.62)
Q1 2013	5,912.96	3,401.35	2,121.21	38.36
Q2 2013	6,276.02	3,413.90	1,645.45	98.11
Q3 2013	5,947.77	3,195.58	2,156.72	126.77
Q4 2013	6,048.69	3,174.74	2,296.23	(249.24)
Q1 2014	6,038.19	3,013.96	1,728.00	2.75
Q2 2014	6,352.36	3,157.29	2,215.10	(2.75)
Q3 2014	6,159.92	2,950.32	2,639.42	4.95
Q4 2014	6,070.61	3,035.10	2,471.11	(10.68)
Q1 2015	8,440.66	3,066.91	967.15	(1.23)

Period	GSM	Landline	DATA	Un-allocated
2008	28,132.70	15,059.39	4,211.44	65.84
2009	30,052.19	14,122.20	6,447.30	158.39
2010	31,544.33	14,057.80	5,854.53	330.17
2011	34,884.28	13,798.55	7,053.41	(74.16)
2012	26,040.39	12,293.99	7,012.49	(601.79)
2013	24,185.44	13,185.56	8,219.62	14.01
2014	29,466.98	13,158.71	3,205.69	(5.73)

Analysts Estimates (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change‬
Average	2,241.22	2,503.58	11.71 %

Estimates vs Actual (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change
Alistithmar Capital	2,712.60	2,503.58	(7.7) %
SNB Capital	2,301.00	2,503.58	8.8 %
AlJazira Capital	2,144.50	2,503.58	16.7 %
Al Rajhi Capital	2,108.00	2,503.58	18.8 %
Albilad Capital	1,940.00	2,503.58	29.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	181,750.00
Enterprise Value (EV) (M)	179,307.14
Shares Outstanding ((M))	5,000.00
EPS ( Riyal) (TTM)	2.69
Book Value (BV) ( Riyal)	16.09
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	16.06
P/E (TTM)	13.49
Price/book	2.26
Return on Average Assets (%) (TTM)	9.0
Return on Average Equity (%) (TTM)	17.4

Saudi Telecom Co. (STC)

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STC reports 5% rise in Q1 profits to SAR 2.5 bln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Telecom Co. (STC)

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STC reports 5% rise in Q1 profits to SAR 2.5 bln

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2015

Revenue by Business Segment (Latest) 2015 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Telecom Co. (STC)

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Business Segments (Million)