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Saudi Telecom Company (STC), the kingdom's biggest mobile operator, said net profit for full-year 2022 rose nearly 8% to SAR12.17 billion ($3.24 billion) after posting record high revenues.
Revenue, which the company said was the highest ever, rose 7% to SAR67 billion driven by growth in in all business segments, STC said in a regulatory disclosure on the Riyadh's Tadawul exchange on Monday.
STC recorded an impairment provision to related to an investment in Malaysia's BGSM amounted to SAR1.25 billion during this year compared with SAR 177 million in 2021, "due to decline in fair value as a result of the decline in market conditions and quoted share prices of key underlying investment in the Malaysian market, which led to the re-evaluation of this investment based on these factors".
The company, in which Saudi Arabia's sovereign wealth fund Public Investment Fund holds a 64% stake, said EBITDA and zakat for the year reached SAR25 billion, up nearly 10% compared with SAR22.8 billion in the year-ago period.
(Reporting by Brinda Darasha; editing by Seban Scaria)
