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The preliminary financial results of the Saudi Telecom Company (STC) showed an increase in its net profit after zakat and taxes, of 3.56% in the second quarter of this year, to 2.82 billion riyals, from 2.72 billion of riyals in the same quarter of 2020.
On a quarterly basis, STC’s net profit declined 4.4% in the second quarter of 2021, compared to profit of around 2.95 billion rials in the first quarter of 2021.
STC said in a statement on Saudi Arabia Tadawul today, Monday, that the reason for the increase in net profit in the second quarter of 2021, amounting to 97 million riyals, compared to the same quarter of the previous year, is mainly due to the increase in total revenue of 979 million rials, which was offset by an increase in revenue costs of 968 million rials, which resulted in an increase in total profit of 11 million rials.
The profit increase is also due to a decrease in operating expenses of 177 million rials, due to a decrease in general and administrative expenses of 201 million rials and sales and marketing expenses of 73 million rials. rials, which was offset by an increase in depreciation and amortization of 97 million riyals.
In the first half of this year, STC’s profits rose 2.41 percent to 5.77 billion riyals, compared to profits of around 5.64 billion riyals in the same period of 2020.
In a separate statement, the Saudi Telecom Company announced the profit distribution for the second quarter of this year, with a total of two billion riyals for the number of two billion shares with a share of riyals per share, with a payout ratio at par value of the share 10%.
Eligibility for the dividend will be reserved for shareholders who own shares at the end of the trading session on Thursday, August 5, 2021 and who are registered in the company’s shareholders register with the Société du Center de Dépôt de Titres at the end of the trading session. the second trading day following the maturity date, and the distribution date will be August 26, 2021.
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