A statement by Saudi Telecom Company (STC) on Tadawul, revealed that the quarterly profits in the first quarter of 2020 rose to 2.913 billion riyals, compared to 2.750 billion riyals, Last year in the same period, growing by 5.9%.

The profits of STC, compared to the previous quarter, increased by 25.5%, to reach 2.321 billion riyals, and operating profit in the first quarter fell by 8% to 3 billion riyals .

The increase in net profit during the first quarter of the year 2020 amounted to 163 million riyals, compared to the same quarter of the previous year in the form of a result of several reasons, including:

The revenues increased by 549 million riyals, which was offset by the high cost of revenue by 257 million riyals, which led to an increase in total profit by 292 million riyals.

Increase in operating expenses by 564 million riyals, mainly due to:

Increase in selling and marketing expenses by 289 million riyals, mainly due to recording a provision for a decrease in the value of trade receivables.

High consumption and amortization amounting to 216 million riyals.

The statement clarified that total revenue and other expenses were recorded at 177 million riyals compared to (287) million riyals, mainly due to recording other net gains of 431 million SAR compared to 7 million riyals, mainly as a result of recording gains resulting from the sale of the direct stake in Karim after Uber completed the acquisition.