STC net profit rises 6% in Q1 2020

STC net profit rises 6% in Q1 2020

21/04/2020 Argaam Exclusive

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Saudi Telecom Co. (STC) reported a net profit after Zakat and tax of SAR 2.91 billion for the first quarter of 2020, a rise of 6% year-on-year (YoY), driven by higher revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 13,385.75 13,934.85 4.1 %
Gross Income 7,903.48 8,195.88 3.7 %
Operating Income 3,275.20 3,004.03 (8.3 %)
Net Income 2,749.74 2,912.75 5.9 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.55 0.58 5.9 %

The first quarter net profit after Zakat and tax jumped 25.5% when compared to Q4 2019, thanks to a rise in revenue along with lower operating expenses, selling, general, administrative and marketing expenses.

 

Earnings before depreciation, amortization, interest, zakat and taxes (EBITDA) for the first quarter reached SAR 5.33 billion, compared to SAR 5.39 billion for the same quarter last year, a decrease of 1% YoY.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 13,076.30 4.4 % 7,488.43 4.6 % 2,668.75 13.4 %
Q2 2011 13,879.67 10.2 % 7,951.89 8.4 % 2,782.89 18.7 %
Q3 2011 14,015.11 5.9 % 8,073.04 2.4 % 3,000.18 (7.8 %)
Q4 2011 14,691.00 9.3 % 7,814.90 (1.6 %) 2,719.20 (10.1 %)
Q1 2012 11,067.36 (15.4 %) 6,329.04 (15.5 %) 2,675.36 0.2 %
Q2 2012 11,013.03 (20.7 %) 6,352.24 (20.1 %) 2,617.31 (6.0 %)
Q3 2012 11,429.91 (18.4 %) 6,459.29 (20.0 %) 2,470.09 (17.7 %)
Q4 2012 11,234.77 (23.5 %) 6,121.14 (21.7 %) 2,173.79 (20.1 %)
Q1 2013 11,473.88 3.7 % 6,494.46 2.6 % 2,717.94 1.6 %
Q2 2013 11,433.47 3.8 % 6,733.78 6.0 % 3,195.05 22.1 %
Q3 2013 11,426.85 0.0 % 7,193.36 11.4 % 3,377.39 36.7 %
Q4 2013 11,270.43 0.3 % 6,991.64 14.2 % 2,801.88 28.9 %
Q1 2014 10,782.89 (6.0 %) 6,211.34 (4.4 %) 2,665.78 (1.9 %)
Q2 2014 11,722.00 2.5 % 7,023.53 4.3 % 2,961.46 (7.3 %)
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,540.12 4.8 %
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,782.99 (0.7 %)
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 3,379.74 26.8 %
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,963.44 0.1 %
Q3 2015 12,894.71 9.7 % 7,624.10 0.0 % 3,038.06 (14.2 %)
Q4 2015 13,246.19 11.8 % 8,010.86 9.7 % 2,554.39 (8.2 %)
Q1 2016 13,228.62 6.1 % 7,076.10 (6.2 %) 2,856.43 (15.5 %)
Q2 2016 13,412.97 9.7 % 7,470.82 4.3 % 2,863.30 (3.4 %)
Q3 2016 14,025.79 8.8 % 7,117.39 (6.6 %) 2,402.82 (20.9 %)
Q4 2016 13,010.95 (1.8 %) 7,023.48 (12.3 %) 1,828.54 (28.4 %)
Q1 2017 12,524.11 (5.3 %) 6,923.88 (2.2 %) 2,615.07 (8.4 %)
Q2 2017 13,041.18 (2.8 %) 6,911.04 (7.5 %) 2,583.68 (9.8 %)
Q3 2017 12,621.35 (10.0 %) 7,400.59 4.0 % 2,906.90 21.0 %
Q4 2017 12,502.72 (3.9 %) 7,347.91 4.6 % 2,880.37 57.5 %
Q1 2018 12,349.08 (1.4 %) 6,934.85 0.2 % 2,632.35 0.7 %
Q2 2018 13,079.39 0.3 % 7,167.18 3.7 % 2,900.92 12.3 %
Q3 2018 13,319.89 5.5 % 7,850.74 6.1 % 3,235.52 11.3 %
Q4 2018 13,214.89 5.7 % 8,520.31 16.0 % 3,476.44 20.7 %
Q1 2019 13,385.75 8.4 % 7,903.48 14.0 % 3,275.20 24.4 %
Q2 2019 13,603.56 4.0 % 8,207.29 14.5 % 3,477.32 19.9 %
Q3 2019 14,113.63 6.0 % 7,920.82 0.9 % 3,328.05 2.9 %
Q4 2019 13,264.59 0.4 % 8,359.64 (1.9 %) 2,399.82 (31.0 %)
Q1 2020 13,934.85 4.1 % 8,195.88 3.7 % 3,004.03 (8.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 1,573.12 (11.2 %) 0.31 172.87 1,400.25 0.28
Q2 2011 2,256.37 9.4 % 0.45 (2.55) 2,258.91 0.45
Q3 2011 1,562.48 (52.9 %) 0.31 53.66 1,508.81 0.30
Q4 2011 2,336.69 2.2 % 0.47 427.98 1,908.70 0.38
Q1 2012 2,521.16 60.3 % 0.50 (3.81) 2,524.97 0.50
Q2 2012 2,407.57 6.7 % 0.48 (4.56) 2,412.13 0.48
Q3 2012 1,953.80 25.0 % 0.39 (33.58) 1,987.37 0.40
Q4 2012 393.44 (83.2 %) 0.08 (190.25) 583.68 0.12
Q1 2013 1,549.96 (38.5 %) 0.31 (226.53) 1,776.50 0.36
Q2 2013 1,428.95 (40.6 %) 0.29 (1146.75) 2,575.70 0.52
Q3 2013 3,385.59 73.3 % 0.68 39.29 3,346.30 0.67
Q4 2013 3,532.57 797.9 % 0.71 487.51 3,045.06 0.61
Q1 2014 2,390.94 54.3 % 0.48 0.64 2,390.29 0.48
Q2 2014 2,803.35 96.2 % 0.56 (50.57) 2,853.92 0.57
Q3 2014 3,371.75 (0.4 %) 0.67 2.86 3,368.89 0.67
Q4 2014 2,442.39 (30.9 %) 0.49 157.79 2,284.60 0.46
Q1 2015 2,503.58 4.7 % 0.50 (45.68) 2,549.25 0.51
Q2 2015 2,558.33 (8.7 %) 0.51 (55.28) 2,613.61 0.52
Q3 2015 2,322.15 (31.1 %) 0.46 (88.53) 2,410.68 0.48
Q4 2015 1,950.49 (20.1 %) 0.39 98.04 1,852.45 0.37
Q1 2016 2,396.58 (4.3 %) 0.48 (79.24) 2,475.82 0.50
Q2 2016 2,202.19 (13.9 %) 0.44 6.48 2,195.70 0.44
Q3 2016 2,216.94 (4.5 %) 0.44 (40.79) 2,257.72 0.45
Q4 2016 2,083.16 6.8 % 0.42 103.34 1,979.82 0.40
Q1 2017 2,534.75 5.8 % 0.51 - 2,534.75 0.51
Q2 2017 2,356.48 7.0 % 0.47 - 2,356.48 0.47
Q3 2017 2,569.37 15.9 % 0.51 - 2,569.37 0.51
Q4 2017 2,554.98 22.6 % 0.51 - 2,554.98 0.51
Q1 2018 2,587.53 2.1 % 0.52 - 2,587.53 0.52
Q2 2018 2,444.05 3.7 % 0.49 - 2,444.05 0.49
Q3 2018 2,642.62 2.9 % 0.53 - 2,642.62 0.53
Q4 2018 3,105.58 21.5 % 0.62 411.00 2,694.58 0.54
Q1 2019 2,749.74 6.3 % 0.55 - 2,749.74 0.55
Q2 2019 2,848.02 16.5 % 0.57 - 2,848.02 0.57
Q3 2019 2,746.20 3.9 % 0.55 - 2,746.20 0.55
Q4 2019 2,320.71 (25.3 %) 0.46 287.48 2,033.23 0.41
Q1 2020 2,912.75 5.9 % 0.58 496.00 2,416.75 0.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 58.56 % 38.16 % 14.11 %
Q2 2011 58.30 % 38.33 % 14.10 %
Q3 2011 57.81 % 37.38 % 12.29 %
Q4 2011 56.28 % 35.98 % 12.71 %
Q1 2012 56.23 % 36.23 % 15.29 %
Q2 2012 56.25 % 36.51 % 16.45 %
Q3 2012 55.92 % 36.12 % 18.33 %
Q4 2012 56.46 % 36.37 % 16.78 %
Q1 2013 56.32 % 36.28 % 14.97 %
Q2 2013 56.63 % 37.08 % 15.19 %
Q3 2013 58.25 % 39.08 % 18.18 %
Q4 2013 60.11 % 40.50 % 23.56 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %
Q4 2014 61.07 % 41.16 % 23.64 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %
Q3 2015 59.94 % 39.46 % 19.94 %
Q4 2015 59.69 % 38.10 % 18.54 %
Q1 2016 57.91 % 36.88 % 18.13 %
Q2 2016 57.18 % 36.19 % 16.93 %
Q3 2016 55.04 % 34.38 % 16.29 %
Q4 2016 53.44 % 33.59 % 16.60 %
Q1 2017 53.87 % 33.53 % 16.93 %
Q2 2017 53.18 % 32.69 % 17.35 %
Q3 2017 55.20 % 34.28 % 18.44 %
Q4 2017 56.39 % 37.24 % 19.76 %
Q1 2018 56.61 % 37.32 % 19.93 %
Q2 2018 57.07 % 38.25 % 20.09 %
Q3 2018 57.17 % 38.48 % 19.96 %
Q4 2018 58.64 % 38.17 % 19.95 %
Q1 2019 59.32 % 39.05 % 19.87 %
Q2 2019 60.69 % 40.28 % 20.43 %
Q3 2019 59.93 % 39.89 % 20.32 %
Q4 2019 59.58 % 39.11 % 19.09 %
Q1 2020 59.51 % 38.62 % 18.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 5,000.00 1.85 1.48 9.05
Q2 2011 5,000.00 1.89 1.51 9.26
Q3 2011 5,000.00 1.54 1.34 9.15
Q4 2011 5,000.00 1.55 1.42 9.38
Q1 2012 5,000.00 1.74 1.64 9.81
Q2 2012 5,000.00 1.77 1.67 10.03
Q3 2012 5,000.00 1.84 1.77 10.34
Q4 2012 5,000.00 1.46 1.50 10.27
Q1 2013 5,000.00 1.26 1.35 10.34
Q2 2013 5,000.00 1.07 1.38 10.39
Q3 2013 5,000.00 1.35 1.66 10.81
Q4 2013 5,000.00 1.98 2.15 11.25
Q1 2014 5,000.00 2.15 2.27 11.40
Q2 2014 5,000.00 2.42 2.33 11.74
Q3 2014 5,000.00 2.42 2.33 12.04
Q4 2014 5,000.00 2.20 2.18 12.08
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13
Q3 2015 5,000.00 1.97 1.97 12.07
Q4 2015 5,000.00 1.87 1.89 12.11
Q1 2016 5,000.00 1.85 1.87 11.94
Q2 2016 5,000.00 1.77 1.79 11.88
Q3 2016 5,000.00 1.75 1.76 11.90
Q4 2016 5,000.00 1.78 1.78 11.99
Q1 2017 5,000.00 1.81 1.79 12.11
Q2 2017 5,000.00 1.84 1.83 12.21
Q3 2017 5,000.00 1.91 1.89 12.33
Q4 2017 5,000.00 2.00 2.00 12.57
Q1 2018 5,000.00 2.01 2.01 12.69
Q2 2018 5,000.00 2.03 2.03 12.76
Q3 2018 5,000.00 2.05 2.05 12.87
Q4 2018 5,000.00 2.16 2.07 13.10
Q1 2019 5,000.00 2.19 2.11 13.67
Q2 2019 5,000.00 2.27 2.19 12.51
Q3 2019 5,000.00 2.29 2.21 12.24
Q4 2019 5,000.00 2.13 2.08 12.35
Q1 2020 5,000.00 2.17 2.01 12.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 8.34 10.43 1.70
Q2 2011 7.72 9.63 1.57
Q3 2011 8.86 10.17 1.49
Q4 2011 8.75 9.55 1.44
Q1 2012 9.40 9.95 1.66
Q2 2012 8.95 9.46 1.57
Q3 2012 8.61 8.99 1.54
Q4 2012 11.90 11.53 1.69
Q1 2013 12.44 11.60 1.52
Q2 2013 14.98 11.53 1.54
Q3 2013 12.78 10.43 1.60
Q4 2013 10.81 9.96 1.90
Q1 2014 12.29 11.62 2.32
Q2 2014 11.02 11.47 2.27
Q3 2014 12.29 12.76 2.47
Q4 2014 11.94 12.06 2.18
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23
Q3 2015 12.47 12.43 2.03
Q4 2015 14.66 14.52 2.26
Q1 2016 13.92 13.74 2.15
Q2 2016 14.52 14.41 2.17
Q3 2016 12.69 12.67 1.87
Q4 2016 16.31 16.29 2.42
Q1 2017 14.80 14.91 2.21
Q2 2017 16.76 16.88 2.52
Q3 2017 14.83 14.99 2.30
Q4 2017 13.70 13.70 2.18
Q1 2018 16.46 16.46 2.61
Q2 2018 17.66 17.66 2.81
Q3 2018 16.72 16.72 2.66
Q4 2018 17.03 17.71 2.80
Q1 2019 19.67 20.43 3.15
Q2 2019 18.30 18.98 3.32
Q3 2019 19.01 19.71 3.55
Q4 2019 19.09 19.62 3.30
Q1 2020 16.16 17.42 2.78

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Other operating segments Consolidation adjustments & eliminations GSM Landline DATA Un-allocated
Q1 2011 - - - - 8,612.49 2,145.44 2,210.45 107.93
Q2 2011 - - - - 9,300.53 2,165.08 2,279.18 134.88
Q3 2011 - - - - 9,535.33 1,968.75 2,358.25 152.78
Q4 2011 - - - - 10,460.75 2,030.05 2,539.65 (339.46)
Q1 2012 - - - - 7,231.45 3,163.66 775.96 (103.71)
Q2 2012 - - - - 5,953.44 2,773.26 2,747.33 (461.00)
Q3 2012 - - - - 6,321.44 3,061.54 2,038.38 8.55
Q4 2012 - - - - 6,534.06 3,295.52 1,450.81 (45.62)
Q1 2013 - - - - 5,912.96 3,401.35 2,121.21 38.36
Q2 2013 - - - - 6,276.02 3,413.90 1,645.45 98.11
Q3 2013 - - - - 5,947.77 3,195.58 2,156.72 126.77
Q4 2013 - - - - 6,048.69 3,174.74 2,296.23 (249.24)
Q1 2014 - - - - 6,038.19 3,013.96 1,728.00 2.75
Q2 2014 - - - - 6,352.36 3,157.29 2,215.10 (2.75)
Q3 2014 - - - - 6,159.92 2,950.32 2,639.42 4.95
Q4 2014 - - - - 6,070.61 3,035.10 2,471.11 (10.68)
Q1 2015 - - - - 8,440.66 3,066.91 967.15 (1.23)
Q2 2015 - - - - 7,996.74 3,171.23 1,057.86 (3.68)
Q3 2015 - - - - 8,401.59 2,981.61 1,511.66 (0.15)
Q4 2015 - - - - 8,640.52 3,050.16 1,273.82 95.77
Q1 2016 11,140.70 864.25 1,976.63 (752.96) - - - -
Q2 2016 11,759.92 814.10 2,092.28 (1253.32) - - - -
Q3 2016 11,578.66 694.60 2,148.24 (395.70) - - - -
Q4 2016 11,718.75 655.71 1,988.92 (2357.10) - - - -
Q1 2017 10,797.74 666.17 1,613.10 (552.90) - - - -
Q2 2017 11,131.56 742.11 2,239.26 (1071.76) - - - -
Q3 2017 9,839.32 467.79 2,071.73 242.50 - - - -
Q4 2017 9,676.60 1,179.03 2,425.11 (806.03) - - - -
Q1 2018 9,698.95 1,252.37 2,042.44 (644.69) - - - -
Q2 2018 9,897.49 1,647.03 2,430.66 (895.78) - - - -
Q3 2018 10,197.06 1,110.89 2,416.37 (404.43) - - - -
Q4 2018 9,562.79 12,872.44 2,613.09 (11833.44) - - - -
Q1 2019 9,512.20 2,322.58 2,531.06 (980.09) - - - -
Q2 2019 10,340.08 6,278.51 3,051.22 (6066.25) - - - -
Q3 2019 10,294.47 4,341.27 3,354.69 (3876.80) - - - -
Q4 2019 10,112.36 4,467.44 3,691.23 (5006.43) - - - -
Q1 2020 10,333.04 4,295.21 3,610.19 (4303.59) - - - -

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 3,085.74 2,912.75 (5.6 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
OSOOL AND BAKHEET 2,913.00 2,912.75 0.0 %
Al Rajhi Capital 2,938.00 2,912.75 (0.9) %
Riyad Capital 2,998.00 2,912.75 (2.8) %
AlJazira Capital 2,711.70 2,912.75 7.4 %
SNB Capital 3,868.00 2,912.75 (24.7) %


Financial Ratios
Current
Market Cap (M Riyal) 198,500.00
Enterprise Value (EV) (M) 192,045.01
Shares Outstanding ((M)) 5,000.00
EPS ( Riyal) (TTM) 2.70
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.39
P/E (TTM) 14.70
Price/book 2.50
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 17.1
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Share Price

Saudi Telecom Co.
39.70
(0.15) (0.38 %)

Saudi Telecom Co. (STC)

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