Page 19 - SAMENA Trends - January-February 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

MEMBERS NEWS

For the First Time Ever, stc Group Exceeded
US$17 Billion Total Revenue

stc announced the company’s annual consolidated finan-
cial results for the period ending at 31 December 2022:
• Total revenue for the year 2022 reached SAR 67,432m
with an increase of 7.02% as compared to year 2021.
• Gross profit for the year 2022 reached to SAR 37,393m
with an increase of 10.65% as compared to the year
2021.
• Operating profit for the year 2022 reached to SAR
15,088m with an increase of 14.93% as compared to
the year 2021.
• Earnings before Interest, Taxes, Zakat, Depreciation
and Amortization (EBITDA) for the year 2022 reached
to SAR 25,079m with an increase of 9.80% as com-
pared to the year 2021.
• Net profit for the year 2022 reached to SAR 12,171m
with an increase of 7.60% as compared to the year
2021.
In accordance with the dividends distribution policy for
three years period starting from the 4th quarter of 2021,
which was ratified during the Ordinary General Assembly
Meeting on 30-11-2021. In addition to the amendment
on the dividends distribution policy, which was ratified
by the Extraordinary General Assembly Meeting on 30-8-
2022, by distributing an amount of SAR 0.40 per share
per quarter, stc will distribute a total of SAR 1,992.87
million in cash dividends to the shareholders for the 4th
quarter of 2022, representing SAR 0.40 per share as the
total number of Treasury shares related to the Employ-
ees Stock Incentives Plan stood at 17,821,798 shares at
the end of the fourth quarter 2022 and those shares are
not entitled for any dividends distribution. The eligibility hub in the region and the world, and will support the Group’s profitability
of dividends shall be for the shareholders at the close of and growth in a sustainable manner, and in line with the Group’s vision and
trading on Sunday 26-02-2023 and as per the registered ambitious strategy (DARE 2.0). Alwetaid went on to say that, stc’s recent
shareholders in stc’s shareholders registry in the Depos- capital increase is considered one of the largest capital increases in the
itory Center at the end of the 2nd trading day following Saudi stock market. This increase aims to support the Group in achieving
the eligibility date. Dividend distribution date will be on its strategy that aimed at expansion and growth, along with maximizing
Thursday 16-03-2023. Commenting on these results, Eng. the return for its shareholders, by increasing and diversifying investments
Olyan Mohammed Alwetaid, stc Group CEO, stated that and seizing the expected growth opportunities in the telecommunications
2022 was a year of successes and achievements, as the and information technology sectors in the kingdom and the region. In light
Group delivered on many initiatives and investments that of the Group’s role as a leading digital enabler in the kingdom and the re-
had a positive and clear impact on increasing and diversi- gion, stc Group announced that it has committed an additional $300 mil-
fying the Group’s revenue through expanding its business lion on top of its original $500 million investment in STV, the largest inde-
in the Kingdom and the region, in addition to entering into pendent technology investment firm in the MENA region. This additional
promising and new domains. The Group sought to diver- investment reflects stc’s future vision and its significant contribution to
sify its investments portfolio by launching a number of the digital transformation in Saudi Arabia and beyond, as well as, it deep-
companies in the fields of cloud computing, internet of ens the Group focus on innovation and technological development in the
things and digital infrastructure. These investments are in Kingdom and the MENA region. As a continuation of stc’s leadership, the
line with the Kingdom’s Vision 2030, which will contribute Group has succeeded in maintaining the first rank as the most valuable
to strengthening the Kingdom’s position as a main digital brand in the Middle East in the telecommunication sector for the third year
19 JANUARY-FEBRUARY 2023