Riyadh - Mubasher: The annual financial results of Saudi Telecom Company (STC) revealed that it achieved a leap in net profit during the year 2024 by about 85.7%.

The company indicated in a statement today on "Tadawul" that the net profit after zakat and tax amounted to about 24.7 billion riyals, compared to 13.3 billion riyals in 2023.

The company attributed the increase in its profits to several factors, including an increase in revenues by SAR 4.116 billion, which was offset by an increase in revenue costs by SAR 1.556 billion. It is worth noting that the withholding tax provision was reversed by SAR 1.50 billion during this year, compared to a provision for a non-recurring item of SAR 724 million that was reversed in the previous year, which led to an increase in total profit by SAR 2.56 billion.

The company also recorded net profit from discontinued operations of SAR 13.97 billion, compared to SAR 759 million, resulting mainly from recording gains from STC’s sale of a controlling stake in its subsidiaries, Telecom Towers Company (Tawwal) and Digital Infrastructure Investment Company, amounting to SAR 12.88 billion during this year, in addition to a decrease in zakat and income tax expenses by SAR 135 million.

On the other hand, operating expenses increased by SAR 1.29 billion, mainly due to the increase in selling and marketing expenses by SAR 692 million, resulting from recording a provision for doubtful debts of SAR 554 million. General and administrative expenses, depreciation and amortization also increased by SAR 388 million and SAR 216 million (respectively).

The company's revenues increased from 71.77 billion riyals in 2023 to 75.89 billion riyals in 2024.