Saudi Arabia telecom stc’s revenue rises to 19.1b riyals in Q1

Saudi Arabia telecom stc’s revenue rises to 19.1b riyals in Q1

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Riyadh: Saudi Telecommunications Company (stc) revenues for the first quarter of 2024 increased by 7.76 per cent compared to the previous quarter and by 5.07 per cent compared to Q1-2023, reaching 19.1 billion Saudi riyals.

The revenue growth was mainly attributed to the increase in STC KSA's revenues by 1.2 per cent, driven by the rise in commercial unit revenues by 6.7 per cent and carriers and wholesale unit revenues by 5.7 per cent, which offset the decline in business unit revenues. stc's subsidiaries' revenues also increased by 13 per cent.

The release said that Gross Profit for the first quarter grew by 5.13 per cent compared to the previous quarter and by 1.65 per cent compared to the comparable quarter last year, reaching 9.386 billion riyals.

Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the first quarter of 2024 increased by 16.30 per cent, compared to the previous quarter and by 2.07 per cent, compared to Q1-2023, reaching 6.474 billion riyals.

Net Profit for the first quarter of 2024 increased by 44.50 per cent compared to the previous quarter and by 5.69 per cent compared to Q1-2023, reaching 3.286 billion riyals.

stc distributed 0.40 riyals