Substantial rise in other expenses and financial charges dragged the bottom-line
STC Group (“STC, “the Company”) recorded a 17.5% YOY decline in net profit to SAR 2,274 Mn in 4Q23, lower than our estimate of SAR 2,706 Mn. The decline in profit is mainly attributable to higher direct cost coupled with a significant rise in other expenses and net finance cost partially offset by a rise in revenue and lower operating expenses.
