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Saudi Telecom Group (Stc) reported SAR 3.3 bn in net income in 2Q 2024, up 9.8% y-o-y on the back of higher revenues and lower operating costs and zakat and tax expense, it said in a disclosure to Tadawul. Its revenues were up 4.5% y-o-y to SAR 19.2 bn due to an increase in revenues from its commercial unit and subsidiaries.
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For the year-to-date: Stc’s net income was up 7.7% y-o-y to SAR 6.6 bn, according to an earnings release (pdf). Revenues for the period came in at SAR 38.3 bn, representing 4.8% y-o-y growth.
Dividends: Stc will distribute c. SAR 2 bn in dividends for 2Q 2024 at SAR 0.4 per share, it said in a separate disclosure to Tadawul. The distribution date was set for Thursday, 15 August.
#2- Etihad Etisalat (Mobily) booked SAR 661 mn in net income in 2Q 2024, up 33% y-o-y on both higher revenues and lower zakat and tax charges, it said in an earnings release (pdf). Revenues were up 4.6% y-o-y to SAR 4.5 bn due to the “expansion of all revenue streams with the business segment leading the charge.”
For the year-to-date: The telecom operator’s net income rose 35% y-o-y to SAR 1.3 bn while its revenues increased by 8.1% y-o-y to SAR 9 bn.
First Milling’s net income rose 30.4% y-o-y to SAR 45.5 mn in 2Q 2024 on the back of an increase in sales volumes for its small-pack products segment, it said in an earnings release (pdf). Its revenues grew 13.3% over the same period to SAR 242.3 mn on the back of double-digit growth in its feed sales as the miller prioritized feed production to meet rising demand.
For the year-to-date: First Milling’s net income was up 13.4% y-o-y to SAR 123.2 mn in 1H 2024, while revenues rose 10.5% y-o-y to SAR 518.8 during the same period.
How dividends are looking: The company’s board approved the distribution of SAR 86 mn in dividends at SAR 1.55 per share for 1H 2024, it said in a disclosure to Tadawul. The distribution date was set for Tuesday, 13 August.
