Saudi Telecom Company (STC) profits fell 5.3% to 4.6 billion riyals in the third quarter of 2024.
According to what the company revealed today, Monday, November 4, revenues decreased by 3.4%, recording 18.6 billion riyals.
The company attributed the increase in revenues to an increase in the revenues of STC Saudi Arabia and its subsidiaries by 0.5% and 9.7%, respectively.
The report indicated an increase in revenues of 609 million riyals, which was offset by a decrease in revenue costs of 168 million riyals.
Zakat and income tax expenses decreased by 167 million Saudi riyals.
Operating expenses increased by 440 million riyals, mainly due to recording a provision for doubtful debts amounting to 554 million riyals in selling and marketing expenses.
The company approved dividends per share for the third quarter at 0.4 riyals per share.
At the level of the nine-month period, STC's sales increased by about 4% to 56.62 billion riyals, while net profit rose by 1.9% to record 11.2 billion riyals.
