stc net profit up 2% to SAR 5.773 bln in H1 2021

stc net profit up 2% to SAR 5.773 bln in H1 2021

02/08/2021 Argaam Exclusive

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stc reported a net profit after Zakat and tax of SAR 5.773 billion for the first half of 2021, a rise of 2% from SAR 5.637 billion in the year-ago period.

 

The company attributed the profit growth to higher revenue, along with a decline in operating expenses amid lower general and administrative expenses and selling and marketing expenses.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 28,855.09 31,594.27 9.5 %
Gross Income 16,536.87 16,909.30 2.3 %
Operating Income 6,066.20 6,731.89 11.0 %
Net Income 5,636.96 5,773.30 2.4 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.13 1.15 2.4 %

The telecom operator reported a net profit of SAR 2.821 billion for Q2 2021, a 4% increase compared to SAR 2.724 billion in the same quarter last year.

 

On sequential basis, Q2 net profit fell 4.4% on higher cost of revenue and higher operating expenses



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 14,920.23 15,898.77 6.6 %
Gross Income 8,340.99 8,352.20 0.1 %
Operating Income 3,062.17 3,250.29 6.1 %
Net Income 2,724.22 2,821.21 3.6 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.54 0.56 3.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2020 14,920.23 9.7 % 8,340.99 1.6 % 3,062.17 (11.9 %)
Q3 2020 14,881.43 5.4 % 8,970.96 13.3 % 3,459.60 4.0 %
Q4 2020 15,216.80 14.7 % 8,446.57 1.0 % 3,205.33 33.6 %
Q1 2021 15,695.50 12.6 % 8,557.10 4.4 % 3,481.61 15.9 %
Q2 2021 15,898.77 6.6 % 8,352.20 0.1 % 3,250.29 6.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2020 2,724.22 (4.3 %) 0.54 152.00 2,572.22 0.51
Q3 2020 2,765.54 0.7 % 0.55 - 2,765.54 0.55
Q4 2020 2,592.38 11.7 % 0.52 - 2,592.38 0.52
Q1 2021 2,952.09 1.4 % 0.59 - 2,952.09 0.59
Q2 2021 2,821.21 3.6 % 0.56 - 2,821.21 0.56

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2020 58.36 % 37.16 % 17.37 %
Q3 2020 59.42 % 37.62 % 17.17 %
Q4 2020 57.60 % 37.47 % 17.55 %
Q1 2021 56.52 % 37.23 % 17.92 %
Q2 2021 55.64 % 37.10 % 18.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2020 5,000.00 2.14 1.95 12.58
Q3 2020 5,000.00 2.14 1.96 12.73
Q4 2020 5,000.00 2.20 2.07 12.79
Q1 2021 5,000.00 2.21 2.18 13.01
Q2 2021 5,000.00 2.23 2.23 12.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2020 18.50 20.27 3.15
Q3 2020 18.73 20.52 3.15
Q4 2020 19.28 20.49 3.32
Q1 2021 22.98 23.30 3.90
Q2 2021 23.65 23.65 4.12

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Solutions Other operating segments Consolidation adjustments & eliminations GSM Landline DATA Un-allocated
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) - - - -
Q2 2020 10,283.06 4,966.19 - 3,779.31 (4108.33) - - - -
Q3 2020 11,041.84 3,706.50 - 4,215.33 (4082.24) - - - -
Q4 2020 11,240.89 4,559.90 - 4,129.05 (4713.03) - - - -
Q1 2021 11,258.37 4,929.84 1,866.79 2,254.30 (4613.80) - - - -
Q2 2021 11,223.51 5,327.80 1,937.20 2,352.57 (4942.31) - - - -

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 3,070.26 2,821.21 (8.1 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 2,821.10 2,821.21 0.0 %
Riyad Capital 3,046.00 2,821.21 (7.4) %
AlJazira Capital 3,056.20 2,821.21 (7.7) %
FAB Securities 3,178.00 2,821.21 (11.2) %
Hermes 3,250.00 2,821.21 (13.2) %


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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