2.76 billion riyals, Saudi Telecom profit in the third quarter

Saudi Telecom Company (STC) profits rose by 0.7%, to reach 2.76 billion riyals in the third quarter of 2020, compared to 2.74 billion riyals in the corresponding period From last year.

According to Arabiya Net, profits increased by 1.54%, compared to profits achieved in the previous quarter, which were 2.72 billion riyals.

During the first nine months of 2020, STC achieved profits of 8.4 billion riyals, compared to 8.3 billion riyals, with a slight growth of 0.69%.

The company said that the increase in profits in the third quarter compared with the same quarter of 2019, mainly due to the increase in gross profit by 13.26%, equivalent to 1.050 million riyals, as a result of the increase Total revenue by 5.43%, equivalent to 768 million riyals and a decrease in revenue costs by 4.56%, equivalent to 282 million riyals.

> Operating expenses increased by 919 million riyals, due to the increase in selling and marketing expenses by 524 million riyals as a result of the increase in the provision for doubtful debts during the current quarter, and the increase in depreciation and amortization expenses At the amount of 419 million riyals.

During the current quarter, other revenues (and expenses) were recorded in the amount of 338 million riyals compared to 254 million riyals, mainly due to the increase in the costs of the early retirement program by 113 One million riyals

compare earnings against previous quarter

The reason for the increase in net profit during the third quarter of the year 2020 AD by 41 million riyals compared to the previous quarter of the current year is mainly due to the increase in gross profit by 7.55%, equivalent to 630 million riyals, as a result of a decrease in the cost of revenues by 10.16%, equivalent to 669 million riyals.

and operating expenses increased by 233 million riyals, due to an increase in both selling and marketing expenses by 156 million riyals and depreciation and amortization expenses by 49 million riyals.

During the current quarter, other revenues and (expenses) were recorded in the amount of 338 million riyals compared to 48 million riyals, mainly due to the recording of other net (losses) An amount of 70 million riyals compared to other net gains of 131 million riyals, and an increase in the costs of the early retirement program by 99 million riyals.

9-month results

The reason for the increase in net profit during the 9-month period of the year 2020 AD, at an amount of 59 million riyals, compared to the same period ...