Research firm targets 49.6 riyals for STC

Saudi Telecom Company (STC) reported a 5.2% decline in its net profit for the second quarter of 2026, reaching 3.6 billion Riyals, according to the company's expectations. Revenue increased by 3.7% to 20.2 billion Riyals. The growth in the business sector, along with the wholesale and operator units, contributed to supporting revenue, while the profit decline was reflected in provisions for Zakat and income tax. Aljazira Capital recommends increasing holdings in the company's shares, with a target price of 49.6 Riyals. The stock is traded at an expected EBITDA/EV multiple of 8.4 times and a profit multiple of 14.8 times.

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