Page 26 - SAMENA Trends - May-June 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

MEMBERS NEWS

stc’s Revenues Rise Over 5 Percent to $5.09
Billion in Q1 2024

Group's net profit surged by 44.50 percent
to SAR3.28 billion. The group has also
reaffirmed its position as the most valuable
telecom brand in the Middle East. Saudi
Arabia’s stc Group has recently released its
financial results for the first quarter of 2024,
which showcased robust performance
across key metrics. The group’s revenues
for Q1 saw a 7.76 percent increase
compared to the previous quarter and a
5.07 percent annual rise to SAR19.1 billion
($5.09 billion). stc attributes this growth
in revenue to the 1.2 percent increase in
stc KSA’s revenues. Its commercial unit
revenues rose 6.7 percent while its carriers
and wholesale unit revenues were up
5.7 percent. This offset the decline in the
business unit’s revenues. In addition, the
group’s subsidiaries marked great growth
during Q1 with their revenues increasing 13
percent.
Profits and earnings
stc’s gross profit saw a 5.13 percent
quarterly increase and a 1.65 percent
annual increase to SAR9.386 billion.
Meanwhile, net profit surged by 44.50
percent compared to the previous quarter,
reaching SAR3.28 billion. As for earnings
before interest, taxes, zakat, depreciation,
and amortization (EBITDA), the figure saw
a 16.30 percent quarterly increase and a
2.07 percent annual increase to SAR6.47
billion. For Q1 of 2024, stc will distribute
SAR0.40 per share, in line with its dividends
distribution policy approved by the General
Assembly.
Strategic partnerships and initiatives
Beyond financial performance, stc consolidate the company’s growth in the telecom brand in the Middle East, setting the
Group demonstrated its strategic telecommunications sector. Moreover, stage for its continuous market leadership.
foresight through key partnerships and stc Bank’s beta launch, approved by the The company’s commitment to innovation
digital initiatives. Olayan Mohammed Saudi Central Bank (SAMA), signals the is evident through its partnerships with
Alwetaid, stc Group CEO, stated that the company’s advancement into fintech, industry giants like Huawei, Ericsson and
acquisition of a 51 percent stake in the aligning with the goals of Vision 2030. Samsung, aimed at accelerating digital
Telecommunications Towers Company Market leadership transformation in the region.
(TAWAL) by the Public Investment Fund Amidst these milestones, stc Group
(PIF) represents a strategic move to reaffirmed its position as the most valuable

26 MAY-JUNE 2024