Saudi Telecom’s Q2 2024 Profit Rises 10% to $879mln on Higher Revenue

Saudi Telecom Company (STC) reported a net profit of 3.3 billion Saudi riyals ($879.74 million) in the second quarter of 2024, rising 10% from SAR3 billion a year ago.

The telecom operator’s topline grew 5% year-on-year (YoY) to SAR19.15 billion during the second quarter as operating costs, zakat, and income expenses fell.

The company’s profit for the first half of 2024 grew 7.7% YoY to SAR6.59 billion. Revenue rose 4.8% YoY to SAR38.25 billion during the first six months.

The revenue growth was due to an increase in STC KSA’s revenues by 0.64%, driven by an increase in commercial unit revenues, supported by growth in the mobility and residential segments.

STC announced a dividend payout at nearly SAR 2 billion for Q2 2024.