Total revenues of the listed Saudi telecom and IT firms hit SR19.34 billion in the second quarter of the current year whereas revenue costs reached SR8.42 billion thus bringing gross revenues margin to SR10.91 billion, or 56 percent of the overall revenues of the sector, according to a financial report.

Meanwhile, the telecom and IT sector posted operating profits of SR4.05 billion in Q2, or 21 percent of total revenues.

After deduction of expenses, non-operating revenues, and taxes, net profits of the sector stood at SR3.84 billion, or 20 percent of the quarterly revenues, the report, filed by Al-Riyadh daily, said.

Half year profits of the sector grew by 44 percent to SR7.24 billion compared to SR5.02 billion in the same period last year, the report said.

Based on the announced data, revenues costs of the sector represented 44 percent of the overall revenues. Saudi Telecom Co. (STC) realized the least rate of revenue costs at 40 percent of revenues whereas Etihad Atheeb Telecommunication Company (GO) registered the highest rate at 90 percent of its revenues.

This was clearly reflected in the gorses income of the sector where the STC realized the highest gross income margin at 60 percent and GO the lowest rate at 10 percent compared to their respective revenues, the report said.

The operating income of the telecom and IT firms represented 44 percent of the sector’s total revenues in Q2 and, once again, the STC realized the highest rate of operating income at 25 percent of its revenues whereas Zain Saudi Arabia and GO registered negative operating income compared to their revenues at 9 percent and 113 percent, respectively, the report said.

Earning per share (EPS) of the listed telecom and IT companies averaged SR0.96 in Q2 and whereas Mobily registered the highest rate at SR1.70 per share, Zain Saudi Arabia posted least rate at SR0.30 per share, the report said.