Page 33 - SAMENA Trends - May-June 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

MEMBERS NEWS

stc Posts a 7.5% Increase in Revenues in Q1 2023

Saudi Telecom Company (stc) has
published its financial results for
the three months ended 31 March
2023, reporting a 2.4% increase in net
profit to SAR3.109 billion (USD828
million) from SAR3.035 billion in the
corresponding period a year earlier.
The company attributed the positive
result to a SAR1.260 billion increase
in revenues (marginally offset by the
rise in cost of revenues by SAR1.056
billion) and the decrease in total other
expenses by SAR186 million. In the
period under review, stc reported
a 7.5% improvement in revenues
to SAR18.179 billion (SAR16.919
billion in Q1 2022), while EBITDA
remained flat at SAR6.343 billion.
Commenting on these results, Eng.
Olyan Mohammed Alwetaid, stc
Group CEO, stated that during the first
quarter of this year, and in line with
the company's "DARE 2.0" strategy,
the Group announced the launch of its
Corporate Investment Fund (CIF). The
fund aims to invest in early stages
startups in various domains including
fintech, cybersecurity, artificial
intelligence, Internet of Things, and
other promising areas. The launch of
the fund comes as a reinforcement of
the Group's leadership in the digital
and innovation fields, and in support
of the Kingdom's Vision 2030 to
diversify the economy by expanding
investment in new sectors and
supporting entrepreneurs and startups
relevant to the Group's strategy,
locally, regionally, and globally.

center3, Owned by stc Group and Alcatel Submarine Networks to Connect
Saudi Arabia with Europe by Building the EMC West Subsea and Terrestrial
Data Cables

center3, owned by stc group, on behalf of Cable Company Ltd (EMC Company) and leader in the manufacturing and installation
the consortium partners of EMC Subsea Alcatel Submarine Networks (ASN), the of submarine optical systems, announced

33 MAY-JUNE 2023