STC Group Reports Record 9-Month Revenue of SAR 56.627 Million, SAR 11.233 Million Profit

Photo : SPA

stc Group has released its financial results for the first nine months of 2024, revealing impressive growth in both revenue and net profit. The company reported a revenue increase of SAR2,138 million, bringing total revenues to SAR56,627 million, representing a 3.92% increase compared to the same period last year. The net profit for the period reached SAR11,233 million, marking an 11.9% rise over the previous year, although this figure excludes a one-time gain from the sale of Al Khobar land, which amounted to SAR1,296 million in the third quarter of 2023.

The report highlights that stc's subsidiaries experienced an 11% growth in revenues, contributing significantly to the group's record performance, which surpassed analysts' expectations. In light of stc Group's recent decision to sell a 51% stake in the Telecommunication Towers Company (TAWAL) to the Public Investment Fund, the comparative figures from prior periods have been reclassified as discontinued operations in the interim condensed consolidated financial statements as of September 30, 2024. The recognition of the material capital gain from this transaction is pending necessary regulatory approvals and the completion of relevant procedures.

CEO Olayan Alwetaid emphasized that stc Group is strategically positioned to sustain its growth trajectory and maintain its status as the leading digital enabler in the region. He attributed the group's outstanding results to the successful execution of its strategic initiatives, which focus on investing in infrastructure, advancing in new technology sectors, and implementing efficiency programs.

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The group has played a vital role in facilitating digital transformation across key sectors in Saudi Arabia by investing heavily in digital infrastructure, including 5G networks, fiber optics, and data centers. Additionally, stc has invested in cutting-edge technologies such as cloud computing, the Internet of Things (IoT), and financial technology, while also enhancing its cybersecurity capabilities.

Moreover, stc has reinforced its national strategic partnerships with significant projects in the Kingdom, including NEOM, Diriyah, New Murabba, and the Red Sea project. These partnerships solidify stc’s commitment to advancing national objectives and strengthen its position as a pivotal player in the global digital economy.

In line with its focus on delivering value to shareholders, stc's Board of Directors approved a 37.5% increase in the annual dividend on August 24, raising it from SAR1.6 to SAR2.2 per share, effective from the fourth quarter of 2024. This adjustment increases the total annual dividend from SAR8 billion to SAR11 billion over the next three years, reflecting the company's robust financial health and confidence in sustainable operating cash flows, along with its capacity for ongoing expansion and diversification of investments.

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