Deutsch Bank: STC’s financial results are “extremely impressive”

The German “Deutsche Bank” has described STC’s 1st quarter results as ‘extremely impressive’, in its quarterly financial results analysis report, ‘particularly for a company with unified annual revenues of nearly SR 60 billion (US$16 billion)’, noting that this is the 2nd successive quarter that STC achieves double digit growth.

The report noted that according to the profit margin – before tax, interest and taking into account consumption average and depreciation as well as royalty fees – the company’s results were in line with forecasts, compared to the 1st quarter of last year. The report said there was growth in net revenues compared to the 1st quarter of 2011, despite the continued strong growth in revenues.

The Bank also put a fair value on STC’s share price of SR48. It’s worth noting that the National Capital Bank Group had put a fair value on the share price of SR52, following the announcement of STC’s 1st quarter results, while Riyadh Capital Group valued it at SR50.