stc announced the company’s annual consolidated financial results for 2022. The total revenue for the year 2022 reached SAR 67.432 billion (~US$17 billion), an increase of 7% as compared to 2021.
Gross profit for the year 2022 reached to SAR 37.393 billion (~ US$9 billion) with an increase of 10.65% as compared to 2021 while the operating profit for the year 2022 reached to SAR 15 billion with a YoY increase of 14.93%.
Moreover, EBITDA for the year 2022 reached SAR 25 billion (~US$6 billion) with a YoY increase of 9.8%, and last year’s net profit reached SAR 12.1 billion (~US$3 billion) with an increase of 7.6% as compared to the year 2021.
stc will distribute a total of SAR 1.9 billion (~US$506.5 million) in cash dividends to the shareholders for the 4th quarter of 2022, representing SAR 0.40 per share.
Commenting on these results, Eng. Olayan Mohammed Alwetaid, stc Group CEO, stated that 2022 was a year of successes and achievements, as the Group delivered on many initiatives and investments that had a positive and clear impact on increasing and diversifying the Group’s revenue through expanding its business in the Kingdom and the region, in addition to entering into promising and new domains. The Group sought to diversify its investment portfolio by launching a number of companies in the fields of cloud computing, the Internet of Things and digital infrastructure. These investments are in line with the Kingdom’s Vision 2030, which will contribute to strengthening the Kingdom’s position as a main digital hub in the region and the world and will support the Group’s profitability and growth in a sustainable manner, in line with the Group’s vision and ambitious strategy (DARE 2.0).
Alwetaid went on to say that stc’s recent capital increase is considered one of the largest capital increases in the Saudi stock market. This increase aims to support the Group in achieving its strategy, which is aimed at expansion and growth, along with maximizing the return for its shareholders, by increasing and diversifying investments and seizing the expected growth opportunities in the telecommunications and information technology sectors in the kingdom and the region.
In light of the Group’s role as a leading digital enabler in the kingdom and the region, stc Group announced that it has committed an additional $300 million on top of its original $500 million investment in STV, the largest independent technology investment firm in the MENA region. This additional investment reflects stc’s future vision and its significant contribution to the digital transformation in Saudi Arabia and beyond, as well as deepening the Group's focus on innovation and technological development in the Kingdom and the MENA region.
As a continuation of stc’s leadership, the Group has succeeded in maintaining the top rank as the most valuable brand in the Middle East in the telecommunications sector for the third year in a row, according to Brand Finance's Global 500 2023 report. Over the last five years, the brand's value has increased by almost twofold, from $6.2 billion in 2017 to $12.3 billion in 2022. This achievement results from the brand's outstanding performance in maintaining its leadership position and enhancing its commercial strength in the Kingdom and the region.
As the leading digital enabler in the kingdom and the region, and, due to the infinite support provided to the communication and information technology sector by the visionary government, stc Group will continue to achieve its ambitious strategy (DARE 2.0) and seek to enable the digital transformation in various sectors and grow in new directions. The Group’s diversified investments are a testimony to stc’s commitment to its strategy and our aspiration to create an integrated digital system to enrich our customers’ experiences and contribute to achieving Vision 2030 goals.
