STC profits 2.9 billion riyals in the third quarter, an increase...

The financial results of the Saudi Telecom Company (STC) showed an increase in its net profit by 5.71% in the third quarter of 2021, to reach 2.92 billion riyals, compared to about 2.77 billion riyals in the same quarter of 2020. On a quarterly basis, the net profit of “STC” increased TC”, by 3.65%, compared to a net profit of about 2.82 billion riyals in the second quarter of 2021.STC said in a statement on Saudi Tadawul today, Thursday, that the increase in net profit during the third quarter of 2021, on an annual basis, is due to an increase in revenues by 854 million riyals, which was offset by an increase in revenue costs by 1.456 billion riyals. Operating expenses decreased by 334 million riyals, as a result

A decrease in selling and marketing expenses by 283 million riyals, and general and administrative expenses by 136 million riyals, which was offset by an increase in depreciation and amortization by 85 million riyals.

The company added that other expenses were recorded in the amount of 28 million riyals during the current quarter, compared to 338 million riyals, in addition to a decrease in zakat and income tax expenses by 92 million riyals.

During the first nine months of 2021, the net profit rose by 3.52% to 8.698 billion riyals, compared to 8.402 billion riyals in the same period of 2020.In a separate statement, the Saudi Telecom Company “STC” announced the distribution of dividends for the third quarter of 2021, with a total of about 1.997 billion riyals for the number of shares, 1.997 billion shares.

The company said that the share of the stock is SAR with a distribution ratio of 10% to the nominal value of the share.

The eligibility for dividends will be for the shareholders who own shares at the end of trading on Thursday, October 28, 2021, and who are registered in the company’s shareholders’ register with the Securities Depository Center Company at the end of the second trading day following the due date.

The distribution date will be November 18, 2021, through Riyad Bank.

The total number of treasury shares not entitled to dividends allocated to the employee incentive shares program amounted to 2,850,655 shares until the end of the third quarter of 2021.

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