The Clap
Saudi Telecom’s “STC” (7010) net profits increased in Q2-2022 for the Saudi Telecommunication Company, the fifth largest public company in the Saudi market.
The Deets
The company reported net profits of 2.837 million riyals. This is a slight increase from Q2-2021, amounting to 0.57% year-over-year.
It reported that its revenue expenses had increased by 218 million riyals, while its operating expenses had increased by 353 million riyals, year-over-year.
Meanwhile, its gross profit increased by 822 million riyals, and its operating profit increased by 470 million riyals.
Why this Matters
Saudi Telecom announced the distribution of its cash profits to shareholders for Q2-2022, amounting to 1.997 billion riyals for 1.997 billion shares.
The distribution date will be Thursday, August 25th.
