STC’s results extremely impressive: Deutsche Bank

The Deutsche Bank has described STC’s first quarter results as ‘extremely impressive’, in its quarterly financial results analysis report.
It said the profit is major achievement for a company with unified annual revenues of nearly SR 60 billion ($ 16 billion). This is the second successive quarter that STC has achieved double-digit growth, according to STC.
In terms of the profit margin — before tax, interest and taking into account consumption average and depreciation as well as royalty fees — the company’s results were in line with forecasts, compared to the first quarter of last year., said the report.
The report said there was growth in net revenues compared to the first quarter of 2011, despite the continued strong growth in revenues, according to a press release from STC.
The bank also put a fair value on STC’s share price of SR48.
The statement pointed out that the National Capital Bank Group had put a fair value on the share price of SR52, following the announcement of STC’s first quarter results, while Riyadh Capital Group valued it at SR50.