Saudi Telecom Co. — Interim / Quarterly Report 2011

Oct 19, 2011

Saudi Telecom Company announces the interim consolidated financial results for the period ending at 30.09.2011 (9 months).

7010 · 19/10/2011 16:00:29 · Announcement #23080 · View on Saudi Exchange

Saudi Telecom Company announces the interim consolidated financial results for the period ending at 30.09.2011 (9 months).

Saudi Telecom Company announces the interim consolidated financial results for the period ending at 30.09.2011 (9 months).

1 - The net income during the 3rd quarter amounted to SR 1,562 million compared to SR 3,317 million for the corresponding quarter last year, with a decrease of 53%, and compared to SR 2,256 million for the immediately prior quarter, with a decrease of 31%.

2 - The gross profit for the 3rd quarter amounted to SR 8,073 million compared to SR 7,885 million for the corresponding quarter last year with an increase of 2%.

3 - The operating income for the 3rd quarter amounted to SR 3,000 million compared to SR 3,255 million for the corresponding quarter last year with a decrease of 8%.

4 - The net income for the 9 months amounted to SR 5,392 million compared to SR 7,151 million for the corresponding period last year with a decrease of 25%.

5 - The basic earnings per share for the 9 months amounted to SR 2.70 compared to SR 3.58 for the corresponding period last year.

6 - The gross profit for the 9 months amounted to SR 23,513 million compared to SR 22,380 million for the corresponding period last year with an increase of 5%.

7 - The operating income for the 9 months amounted to SR 8,452 million compared to SR 7,953 million for the corresponding period last year with an increase of 6%.

8 - The decrease in net income for the quarter comparing with the corresponding quarter last year, is attributed to foreign currency exchange fluctuations losses of SR 780 million which was recorded in the consolidated Financial statement for the quarter. In addition, there was a provision of SR 134 million due to the recent Council of ministers decree which states that STC should pay the additional financial costs that might arise from merging the two systems of Public pension fund and General Organization for Social Insurance as a result of liberalizing the Telecom Sector. Also, there was an amount of SR 728 million recorded in the 3rd quarter of last year 2010 which represents gains from the sale of fixed assets (towers) to AIRCEL in India

9 - Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the 3rd quarter amounted to SR 5,198 million compared to SR 5,417 million for the corresponding quarter last year with a decrease of 4%, and for the 9 months amounted to SR 15,098 million compared to SR 14,381 million for the corresponding period last year with an increase of 5%.cont.

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