STC’s Q3 2019 earnings misses expectations: Riyad Capital

Saudi Telecom Company’s (STC) net profit during the third quarter 2019 came below analysts’ expectations and market consensus, Riyad Capital said in a research note.

The brokerage firm said that the telecom company’s revenues grew 4 percent on quarterly basis, and 6 percent on yearly basis, to reach SAR 14.1 billion during the third quarter 2019, backed by an increase in revenue from consumer and wholesale business units, as well as STC’s subscribers.

Riyad Capital maintained its “Neutral” recommendation for STC share, and lowered the target price from SAR 113 to SAR 105.