Saudi's stc achieves $1.6bln profits in H1-21, announces Q2 dividends

Revenues soared by 9.4% to $8.42bln in the January-June 2021 period

  
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

REUTERS/Faisal Al Nasser
Riyadh – Saudi Telecom Company (stc) registered an annual growth of 2.4% in net profits after Zakat and tax to SAR 5.77 billion in the first half (H1) of 2021 from SAR 5.63 billion in H1-20.

Earnings per share stood at SAR 2.89 in H1-21, compared to SAR 2.82 in H1-20, according to the financial results to Tadawul on Monday.

Revenues soared by 9.4% to SAR 31.59 billion in the January-June 2021 period, from SAR 28.85 billion in the same period a year ago.

In the second quarter (Q2) of 2021, stc achieved a 3.56% growth in net profits to SAR 2.82 billion from SAR 2.72 billion in Q2-20.

Revenues rose by 6.5% annually to SAR 15.89 billion in Q2-21 from SAR 14.92 billion in Q2-20.

On a quarterly basis, the telecom operator’s net profits were lower by 4.4% than SAR 2.95 billion in Q1-20. Meanwhile, the revenues were higher by 1.2% than SAR 15.69 billion.

In a separate disclosure to Tadawul, stc announced a cash dividend of SAR 1 per share, representing 10% of the share’s par value, for Q2-21.

The company will pay a total of SAR 2 billion worth of dividends for 2 billion shares eligible for distribution.

stc will pay the dividends on 26 August to the shareholders of record date equivalent to 5 August.

It is worth noting that the listed company announced dividends’ payout worth SAR 2 billion for Q1-21

Source: Mubasher

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