Saudi operator STC Group said net profit increased by 15.6 percent to SAR 2.68 billion in the fourth quarter ended 31 December 2020 compared with the same period in 2019. Net profit for the 2020 financial year reached SAR 11.08 billion, up by 3.94 percent compared with FY 2019. Revenues for Q4 reached SAR 15.21 billion, up 14.69 percent year on year, and full-year revenue expanded by 8.43 percent to SAR 58.95 billion.
Fourth quarter operating profit climbed 37.08 percent year on year to SAR 3.29 billion and full-year operating profit rose by 2.7 percent to SAR 12.82 billion. EBITDA improved by 14.62 percent to SAR 5.72 billion in Q4 and by 4.28 percent for the year to SAR 22.17 billion.
Group CEO Nasser bin Sulaiman Al-Nasser said the company achieved the highest annual revenue in the past eight years, primarily due to the increased demand for STC's various services and products, and the company’s ability to meet this demand promptly and efficiently, especially during the Covid-19 pandemic.
