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stc has announced the company’s preliminary financial results for the period ending June 30, 2023.

stc Group achieved the highest semi-annual revenues in its history, reaching SAR 36.5 billion with an increase of 8.17%.

Revenues for the first half of 2023 reached SAR 36,506 million, an increase of 8.17% as compared to the comparable period last year (SAR 33,749.00)

Gross profit for the first half of 2023 reached SAR 18,488 million, an increase of 0.90% as compared to the comparable period last year (SAR 18,324.48)

Net profit for the first half of 2023 reached SAR 6,117 million, an increase of 4.17% as compared to the comparable period last year (SAR 5,872.45)

Semiannual results for 2023 do not include profits from the land sold.

The company also announced a dividend distribution of SAR 0.40 per share for the 2nd quarter of 2023, totaling SAR 1,993.79 million. The distribution date will be 23/8/2023.

Commenting on the results, Olayan Mohammed Alwetaid, stc Group CEO, noted that during the previous period and in line with the company’s vision and strategy “DARE 2.0,” which includes expansion in size and scope, stc Group, through “solutions” (one of the Group’s subsidiaries), signed a binding offer to acquire 40% of “Devoteam Middle East,” a leading company in the field of innovative digital business consulting. This expansion will enhance stc Group's capabilities in the information technology sector and enable digital transformation through an integrated system of subsidiaries specializing in digital infrastructure, the Internet of Things, cloud computing, cybersecurity, digital financial services, business outsourcing services and others.

In light of the Group’s role as a leading digital enabler in the Kingdom and region, “center3” (one of the Group’s subsidiaries) announced the arrival of the world’s longest submarine cable, “2Africa,” to Jeddah and Yanbu and to reach Duba later this year and Al-Khobar during 2024. In addition, center3 signed a strategic agreement with Huawei to establish a cloud region in the Kingdom, which will provide a high level of advanced and secure cloud services to provide data hosting services and meet the growing demand for cloud services. Moreover, center3 has also increased the capacity of its data center in Riyadh by 9.6 megawatts, aiming to improve and increase the capacity of data hosting services provided by center3 to its customers, which contributes to strengthening the Kingdom’s position as a regional digital center.

Further, as part of the Group’s endeavor to support entrepreneurship, enable innovation in the Kingdom and contribute to the promotion of the digital economy in technology fields, stc Group announced that the value of investments obtained by the entrepreneurs participating in the “InspireU” accelerator has reached more than SAR 700 million. Furthermore, the InspireU accelerator has succeeded in enabling more than 90 emerging digital projects in various fields since inception, and the market value of investments and financial transactions for projects incubated by the program amounts to more than SAR 12 billion. In addition, more than 40 million users benefited from InspireU entrepreneurial projects, which provided more than 600,000 job opportunities, which confirms stc’s contribution to promoting the digital economy, creating job opportunities and supporting local content by transforming entrepreneurs’ ideas into successful projects.

The Group CEO also added that stc Group participated in this year’s Hajj season by preparing the holy sites with the latest technologies and innovative solutions. This resulted in remarkable growth in network and data traffic during the Hajj season 1444 AH, as the 5G network recorded an increase in the volume of usage during the days of Eid Al-Adha by 211% compared to the Hajj season of last year.

Also read: solutions by stc Signs Major Agreement With Public Utilities Company

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