- Riyad Capital, the investment banking arm of Riyad Bank, has determined the fair price of an STC share at SR 52 (price target), citing good results for the first quarter of this year.
The results exceeded the expectations of many analysts and observers of the Saudi capital market, according to a statement.
It said Riyad Capital financial recommendations were based on an independent analysis that highlighted the strength of STC’s operating performance. The gross margin is also moving in positive direction, it said.
Highlighted STC FY12Q1 financial results, the report said revenues increased 12 percent to reach SR1,4679 million from SR 1,3076 million in Q1 of 2011.
The report underlined that STC has benefited from broadband market growth. STC’s positive operating results of foreign investments also influenced the consolidated growth in revenues.
Riyad Capital has issued many analytical reports on STC 2011 financial results, reporting optimistic insights.