The Saudi Telecom Company has announced its preliminary financial results for the period ending June 30, 2018.
Revenue from services for the second quarter reached SR13,182 million ($3,514.26 million), an increase of 1.1 percent compared with the corresponding quarter last year. For the first half of 2018, the company maintained the revenue level at SR25,568 million.
The gross profit for the second quarter reached SR7,112 million, an increase of 2.9 percent compared with the corresponding quarter last year. For the first half of 2018, the gross profit increased by 2 percent to reach SR14,109 million.
The operating profit for the second quarter reached SR2,901 million, an increase of 12.3 percent compared with the corresponding quarter last year. For the first half of 2018, the operating profit increased by 6.4 percent to reach SR5,533 million.
The net profit for the year reached SR10,174, an increase of 14.3 percent compared with last year
STC will distribute a total of SR2,000 million in cash dividends for Q2 2018, representing SR1 per share.
Nasser bin Sulaiman Al-Nasser, chief executive of Saudi Telecom Group, said: “The results of the first half of 2018 were good compared with the corresponding period last year, as the company maintained the revenue level which was driven by an increase in data revenue by 6.7 percent. The company continues the comprehensive program to improve operational efficiency and to work on costs optimization initiatives, which have led to an increase in the net profit by 3.7 percent in the second quarter of 2018 compared with the same quarter last year and by 2.9 percent for the six months of 2018 compared to the same period last year.”
Al-Nasser said the company had achieved:
1. First place in the Kingdom as the fastest internet provider on the 3G, 4G and fiber networks, according to “Mekias — Standard.”
2. The successful launch of the first live 5G network after completion of the tests stage, for the first time in the Middle East and North Africa.
3. Being placed among the top 20 in the world within 100 international companies in the field of communications and information technology, according to “Global.”
Revenue from services for the second quarter reached SR13,182 million ($3,514.26 million), an increase of 1.1 percent compared with the corresponding quarter last year. For the first half of 2018, the company maintained the revenue level at SR25,568 million.
The gross profit for the second quarter reached SR7,112 million, an increase of 2.9 percent compared with the corresponding quarter last year. For the first half of 2018, the gross profit increased by 2 percent to reach SR14,109 million.
The operating profit for the second quarter reached SR2,901 million, an increase of 12.3 percent compared with the corresponding quarter last year. For the first half of 2018, the operating profit increased by 6.4 percent to reach SR5,533 million.
The net profit for the year reached SR10,174, an increase of 14.3 percent compared with last year
STC will distribute a total of SR2,000 million in cash dividends for Q2 2018, representing SR1 per share.
Nasser bin Sulaiman Al-Nasser, chief executive of Saudi Telecom Group, said: “The results of the first half of 2018 were good compared with the corresponding period last year, as the company maintained the revenue level which was driven by an increase in data revenue by 6.7 percent. The company continues the comprehensive program to improve operational efficiency and to work on costs optimization initiatives, which have led to an increase in the net profit by 3.7 percent in the second quarter of 2018 compared with the same quarter last year and by 2.9 percent for the six months of 2018 compared to the same period last year.”
Al-Nasser said the company had achieved:
1. First place in the Kingdom as the fastest internet provider on the 3G, 4G and fiber networks, according to “Mekias — Standard.”
2. The successful launch of the first live 5G network after completion of the tests stage, for the first time in the Middle East and North Africa.
3. Being placed among the top 20 in the world within 100 international companies in the field of communications and information technology, according to “Global.”
