Saudi Telecom Company (7010) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 rose 4.79% year-over-year to SAR 38.25 billion, driven by growth in commercial, mobility, and residential segments, and strong subsidiary performance.

• Net profit increased 7.73% to SAR 6.59 billion, with EBITDA up 5.96% to SAR 12.89 billion compared to the same period last year.

• Operational efficiency and cost control initiatives improved profit margins and strengthened the financial position.

• stc continues to invest in digital infrastructure and strategic partnerships, supporting Vision 2030 and digital transformation.

Financial highlights

• Revenue: SAR 38,255 million (up 4.79% year-over-year); EBITDA: SAR 12,889 million (up 5.96%); Net profit: SAR 6,590 million (up 7.73%).

• Free cash flow surged 116.51% to SAR 3,442 million; net cash from operating activities up 49.76% to SAR 7,660 million.

• Total assets increased 14.09% to SAR 160,039 million; total debt rose 122.63% to SAR 23,851 million.

• Shareholders' equity grew 1.20% to SAR 76,401 million.

Outlook and guidance

• Focus remains on digital infrastructure investment, cost efficiency, and supporting national strategic projects.

• Continued expansion in digital services, cloud computing, and e-sports partnerships to drive future growth.