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FinancialNews
21-02-23
Telecom operator stc’s net income reach peak after surging 8 percent
(MENAFN) Saudi Telecom Co. has recorded income surpassing SR12 billion (USD3.2 billion) for the initial time in its history.
The telecommunications company registered an 8 percent surge in its net income to reach SR12.17 billion last year.
Overall profits earned 7 percent to amount to SR67.43 billion as of last year from SR63 billion in the year before.
In line with an announcement to Tadawul, the firm stated that the greater income was triggered by a rise in revenues of SR4.42 billion, which was driven by a marginal surge in the cost of revenues by SR824 million because of the reversal of the contingent liability supplies in an amount of SR1.07 billion.
“The year 2022 was a year of successes and achievements, as the group delivered on many initiatives and investments that had a positive and clear impact on increasing and diversifying the group’s revenue through expanding its business in the Kingdom and the region,” according to Olyan Mohammed Alwetaid, group chief executive of stc, informed the Saudi Press Agency while remarking on the numbers.
MENAFN21022023000045014228ID1105606720
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