Saudi Telecom Co. (STC) is expected to post net profit of SAR 11.56 billion in 2019 and SAR 12.55 billion in 2020, NCB Capital said in a recent report.

 

The rise will be driven by higher revenue and profit from STC’s stake sale in ride-hailing app, Careem.

 

Strong revenue growth and the telecom operator’s dividend policy are the key drivers for the stock.

 

NCB Capital added that it maintained “neutral” recommendation on the stock, but upped its target price to SAR 94.80 from SAR 78.10.

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