stc reported a net profit after Zakat and tax of SAR 9.413 billion for the first nine months of 2022, an 8% increase, compared to SAR 8.698 billion in the year-earlier period.
The higher profit was due to a SAR 3.068 billion increase in revenue, offset by a SAR 18 million slump in the cost of revenue due to the reversal of contingent liability provision of SAR 1.079 billion. Accordingly, this led to a rise in gross profit by SAR 3.086 billion.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 47,329.62 | 50,057.06 | 5.8 % |
| Gross Income | 25,278.18 | 27,285.59 | 7.9 % |
| Operating Income | 9,923.60 | 11,040.92 | 11.3 % |
| Net Income | 8,697.69 | 9,413.44 | 8.2 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 1.74 | 1.88 | 8.2 % |
The telco’s Q3 2022 net profit after Zakat and tax reached SAR 3.541 billion, up by 21% from SAR 2.924 billion, due to a revenue increase by SAR 732 million year-on-year (YoY), offset by a decrease of SAR 939 million in cost of revenue, leading to an increase of SAR 1.671 billion in gross profit.
On a sequential basis, Q3 net profit jumped 24.8% from SAR 2.837 billion.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 15,735.35 | 16,307.74 | 3.6 % |
| Gross Income | 8,368.88 | 8,961.11 | 7.1 % |
| Operating Income | 3,191.71 | 3,497.49 | 9.6 % |
| Net Income | 2,924.39 | 3,541.00 | 21.1 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.58 | 0.71 | 21.1 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 16,829.96 | 16,307.74 | (3.1 %) |
| Gross Income | 9,174.08 | 8,961.11 | (2.3 %) |
| Operating Income | 3,719.65 | 3,497.49 | (6.0 %) |
| Net Income | 2,837.35 | 3,541.00 | 24.8 % |
| Average Shares | 5,000.00 | 5,000.00 | - |
| EPS (Riyals) | 0.57 | 0.71 | 24.8 % |
Total shareholders’ equity, after minority interest, reached SAR 73.331 billion as of Sept. 30, 2022, compared to SAR 68.503 billion in the year-earlier period.
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