Riyadh, Kingdom of Saudi Arabia, 23 July 2024 - stc announced the company’s preliminary financial results for the period ending at 30 June 2024:
- Revenues for the 6 months period of 2024 reached SAR 38,255m with an increase of 4.79% as compared to the comparable period last year. The growth of revenues was mainly attributed to the increase in stc KSA’s revenues by 0.6% driven by an increase in commercial unit revenues by 6.0%, carriers and wholesale unit revenues by 0.2%. Furthermore, stc’s subsidiaries revenues also increased by 13.4%.
- Gross Profit for the 6 months period of 2024 reached to SAR 18,957m with an increase of 3.88% as compared to the comparable period last year.
- Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the 6 months period of 2024 reached to SAR 12,889m with an increase of 5.96% as compared to the comparable period last year.
- Net Profit for the 6 months period of 2024 reached to SAR 6,590m with an increase of 7.73% as compared to the comparable period last year.
- stc distributes SAR 0.40 per share for the 2nd quarter of 2024, in accordance with the dividends distribution policy approved by General Assembly.
Commenting on the results, Eng. Olayan bin Mohammed Alwetaid, stc group’s CEO, commended the efforts made by the group through its various sectors and subsidiaries in strengthening the Group’s position in a competitive market, which were achieved due to the Group's commitment to achieving its "Dare 2.0" strategy, resulting in a strong financial performance during the 6-month period of 2024. The comprehensive cost efficiency program adopted by the Group also played a prominent role in improving profit margins through enhanced operational efficiency and cost control, which strengthened the company's financial position and its ability to seize available opportunities and continue investing in the digital infrastructure, which will cement stc group's position as the leading digital enabler in the Kingdom.
The Group CEO also praised the efforts made by the Kingdom to provide the best services and facilities for pilgrims and improve their experience during the Hajj season. The group's commitment to utilizing its technical expertise has ensured the comfort and safety of the pilgrims. This included providing high-speed internet access for 1.8 million stc network users in the holy sites, as well as a 65% increase in voice call volume compared to the previous Hajj season.
In alignment with its "Dare 2.0" strategy and Vision 2030 goals to establish Saudi Arabia as a global e-sports hub, stc has partnered with the Esports World Cup Foundation as the lead partner and founder of the World Esports Cup. Through this partnership, stc will provide its premier communications and IT services to support the event's infrastructure, including advanced networking technologies to facilitate the tournament competitions and deliver the best digital experience for participating players.
The group CEO added that stc continues its efforts to support the digitization of operational processes and enhance the application of modern technologies for several strategic projects of the Kingdom's Vision 2030, including, but not limited to, the partnership with the General Authority of Ports, the Saudi Global Ports Company, and the Red Sea Gateway Terminal. The Group, through its Carriers and Wholesale unit, provides various digital services and solutions for the transportation and ports sector and others, contributing to improving performance, operations, economic competitiveness, cost reduction, and increasing the safety level of workers.
Finally, stc Group was able to strengthen its position as the most influential local brand in the Kingdom for 2023 according to the Global Ipsos, reflecting the success of its expansion and growth strategy and the provision of advanced digital solutions and services. stc is proud of its pioneering role in leading the digital transformation in the Kingdom and the region, committed to providing advanced technology solutions and world-class telecommunications services.
Source: Press Release