STC achieves highest increase in profits since 2007
Saudi Telecom Company (STC) achieved an increase in its net profit for the year 2021 by about 3 percent to 11.3 billion Saudi riyals ($3 billion), the highest since 2007, on the back of higher sales.
In a statement on Tadawul, STC announced that its net profit increased by 316 million riyals from the previous year, supported by an increase of 7.6% in revenues, against a decrease in operating costs by 557 million riyals, and a decrease in zakat and income tax expenses by 130 million riyals.
STC said in a statement that its operating profits rose during 2021 to 13.1 billion riyals, compared to 12.7 billion riyals in 2020, a growth of 3.1 percent.
During the fourth quarter of last year, the quarterly profit increased slightly by 0.8 percent to 2.61 billion riyals, compared to 2.59 billion riyals in the corresponding period of 2020.