RIYADH: solutions by stc, a unit of Saudi telecom giant stc, has posted an 18.6 percent increase in net profit for 2021, driven by higher revenues during the year.

Net profit reached SR833 million ($222 million), compared to SR702 million a year earlier, according to a bourse filing.

In a statement to the Saudi exchange, the firm attributed the profit jump to an increase of 20 percent in gross profit as a result of 13.4 percent higher revenues.

It added that the profit hike came despite higher expenses, up by SR144 million due to the increase in impairment of accounts receivable and contract assets.

Separately, the company announced its board’s recommendation to pay out SR475 million cash dividends, or SR4 per share, for 2021.

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