FAB Maintains stc's Buy Rating After Q3 Results

06:21 AM EST, 11/03/2026 (MT Newswires) -- FAB Securities on Tuesday retained its buy rating on Saudi Telecom Co. (SASE:7010), d/b/a stc, with a price target of 50 Saudi riyals, following the company's third-quarter financial results. Stc posted a 12.4% annual decline in attributable net profit to 3.60 billion riyals, which the research firm said came "in line" with its forecast of 3.59 billion riyals. Revenue, on the other hand, rose 3.7% over the period to 19.99 billion riyals. "The decline in net profit was primarily attributable to higher direct costs, operating expenses, finance costs, and zakat and income tax expenses compared to zakat reversals recorded in the prior-year period, along with lower finance income, partially offset by higher revenue and other income," FAB said, noting that the company continued to expand its subscriber base across its key markets. "STC continues to prioritise business continuity through its advanced infrastructure and technical and operational capabilities, supporting service reliability and resilience amid evolving operating conditions."