stc profits up 11.1% in 2Q

stc managed to increase its revenues by 6.5% in the second quarter of 2022 compared to the same quarter of the previous year (and by 7.39% in the 6-month period of 2022 compared to the same period in 2021).

As for the company’s profitability, stc achieved a growth of 0.6% in the second quarter of 2022 compared to the second quarter of 2021 (1.7% in the six-month period of this year compared to the same period of the previous year).

When looking at stc’s profitability, the exceptions recorded by the company should be taken into account. The company recorded a provision for a decrease in BGSM group of 298 million riyals for the second quarter of 2022 (537 million riyals in the six-month period of 2022).

Looking at the adjusted profits (after removing the exclusions), the company was able to increase its profitability by 11.1% in the second quarter of 2022 compared to the same quarter of 2021 (11.0% in the six-month period compared to the same period last year).