Jul 27, 2017
STC Net Income for the 2nd quarter increased 7.9% to reach SR 2.4 billion
STC group net income for the 2nd quarter of 2017 increased 7.9% compared to the comparable quarter last year, and for the 1st half of 2017 net income reached SR 4.9 billion an increase of 6.6% compared to same period last year. Earnings Per share for the 1st half of 2017 grew to reach SR 2.45 compared to SR 2.30 for the comparable period last year.
In accordance with the approved dividend policy for three years starting from the 4th quarter 2015 which was announced on 11 November 2015, and have been ratified during the General Assembly Meeting on April 4th 2016, STC will distribute a total of SR 2,000 million in cash dividend for Q2 2017, representing SR 1 per share.
Commenting on the results, STC Group CEO, Dr. Khaled H. Biyari, stated: “The financial results achieved for the 1st half of 2017 reflects the efforts being made to constantly evolve, improve and develop the company’s strategy and operations and achieve the best returns for the shareholders. Despite the various difficulties facing the sector, STC sponsored programs contributed to improve operational efficiency leading to improved income and margins. Therefore, net income for the 2nd quarter increased 7.9% compared to the comparable period last year, and for the 1st half of 2017 net income increased 6.6% compared to the comparable period last year.”
Dr. Biyari, added “the whole region is moving towards digital transformation through elements of the fourth industrial revolution, here comes the importance of Governments in the region to provide the right environment and stimulate investment in digital infrastructure required. STC embraced the Kingdom Vision 2030 and the national transformation program 2020 through multiple initiatives, which include deployment of broadband throughout the Kingdom, the company recently signed with the Ministry of communications and information technology, represented by the communications and information technology Commission an agreement to provide high speed broadband with fiber-optic technology, projected cost of up to SR 7.3 billion, designed to deliver broadband to more than 2 million homes across Government plan under the supervision of the Ministry of communications and information technology. Also, STC will continue to invest in promising technologies and digital sectors, particularly in areas that enable the company to benefit from their assets and infrastructure and help enable growth and expansion of investments in different areas, and the latest company announcement establishing $500 million venture capital fund (STV) to strengthen this trend.”