Saudi Telecom Company (stc) announces its annual consolidated financial results for the year ended 31-12-2024.
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 75,893 | 71,777 | 5.73 | ||
| Gross Profit (Loss) | 37,300 | 34,740 | 7.37 | ||
| Operational Profit (Loss) | 14,426 | 13,161 | 9.61 | ||
| Net profit (Loss) | 24,689 | 13,295 | 85.7 | ||
| Total Comprehensive Income | 24,437 | 13,139 | 85.99 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 89,417 | 78,985 | 13.21 | ||
| Profit (Loss) per Share | 4.95 | 2.67 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | stc achieved revenues of SAR 75,893m, which was mainly attributed to the increase in stc KSA and stc’s subsidiaries revenue by 0.9% and 16.4% (respectively). |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | stc achieved net profit of SAR 24,689m, which was mainly attributed to the following: - The increase in revenues by SAR 4,116m, that was offset by the increase in cost of revenues by SAR 1,556m, noting that a withholding tax provision amounting to SAR 1,500m has been reversed during this year as compared to reversal of a provision for non-recurring item amounting to SAR 724m in the last year, which led to an increase in gross profit by SAR 2,560m. - The booking of net profit from discontinued operations amounting to SAR 13,973m as compared to SAR 759m, mainly as a result of a gain booked from the sale of stc’s controlling interest in its subsidiaries, Telecommunications Towers Company (TAWAL) and Digital Infrastructure Company amounting to SAR 12,885m during this year. - The decrease in Zakat and income tax expense by SAR 135m. On the other side: - Operating expenses increased by SAR 1,296m, mainly due to the increase in selling and marketing expenses by SAR 692m as a result of the booking of doubtful debt provision amounting to SAR 554m, and the increase in general and administration expenses and depreciation and amortization by SAR 388m and SAR 216m (respectively). - The booking of total other income (expenses) amounting to SAR (2,291m) as compared to SAR 826m mainly due to: 1. The booking of cost of early retirement program in an amount of SAR (2,577m) as compared to SAR (863m). 2. The booking of net share in results and impairment of investments in associates and joint ventures amounting to SAR (666m) as compared to SAR 53m mainly due to the booking of an impairment provision amounting to SAR 764m related to the investment in BGSM during this year, as a result of the decline in market conditions of key underlying investment. 3. The decrease in net other gains by SAR 804m, mainly as a result of booking a gain from the land sold in Alkhobar city amounting to SAR 1,296m in the last year. Further, a gain of SAR 383m from the revaluation of STV LP fund units has been booked during this year. 4. The increase in finance cost by SAR 166m. 5. This is despite of: (a) The increase in finance income by SAR 236m. (b) The decrease in net other expenses by SAR 50m. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the year ended 31 December 2024. |
| Additional Information | Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the year 2024 amounted to SAR 23,926m as compared to SAR 22,445m for the last year, with an increase of 6.6%. It is worth noting that after excluding the non-recurring items, stc’s net profit has increased by 13%. The total number of Treasury shares related to the Employees Stock Incentives Plan stood at 13,084,005 shares at the end of 2024 and those shares are not entitled for any dividends distribution. As a result, basic earnings per share (EPS) was calculated based on the weighted average number of ordinary shares in a total of 4,986,034 shares (in thousand) for the year 2024. For more information, please refer to the Investor Relations press release attached to the announcement. We would like to draw the attention of our esteemed investors that they can access information on stc’s stock performance, dividend distributions, stc’s results and financial statements, and many more features through stc Investor Relations application. |
| Attached Documents |  |
