stc announced the company’s preliminary financial results for the current year’s third quarter, ending September 30, 2023.
The telco’s revenues for the nine-month period reached SAR 54,612 million, an increase of 9.10% as compared to last year’s period. Moreover, the gross profit within Q3 2023 reached SAR 28,875 million, with a YoY increase of 1.80%, while the net profit reached SAR 11,021 million, with an increase of 17.08% as compared to last year’s period.
stc will distribute a total of SAR 1,993.80 million in cash dividends to the shareholders for the third quarter of 2023, representing SAR 0.40 per share. The dividend distribution date will be November 23, 2023.
Commenting on these results, Eng. Olayan Alwetaid, stc Group CEO, indicated that the group’s results and performance for the three-month and nine-month periods were excellent and in line with their expectations. These were achieved as a result of the group’s commitment to its “Dare 2.0” strategy and its operational and financial plans.
Acquisitions in Place
The group CEO added that during the third quarter of this year, stc Group acquired a 9.9% stake in Telefonica Group for SAR 8.5 billion. Telefonica is one of the largest telecommunications companies in the world, with a presence in major markets like Spain, Germany, Britain and Brazil. This investment aims at strengthening the cooperation between the two companies to benefit from all available opportunities in the future. This investment also aligns with the group’s ambitious expansion and sustainable growth strategy, which have resulted in numerous investments in the ICT sector, whether locally or internationally. The most recent was the TAWAL acquisition of the United Group towers in Bulgaria, Croatia and Slovenia, which recently announced the deal completion and the official start of its operations.
In keeping with the group’s support for digital transformation, iot Squared, a subsidiary of stc Group, has signed a binding agreement to acquire Machinestalk, one of the largest Saudi companies specializing in the field of the Internet of Things. This addition furthers the group’s pioneering role in adopting advanced digital technologies and leading the digital transformation in the region. Such stewardship keeps pace with the growing demand for IoT technologies and expands the delivery of comprehensive services and products in this promising market.
sirar by stc
In pursuit of the group’s vision to lead the digital field in the Kingdom, the group’s subsidiary, sirar by stc, was ranked first in the Middle East and North Africa and eleventh globally among the top 250 providers of cybersecurity services on the MSSP Alert list. The ranking was based on extensive research conducted by the CyberRisk Alliance.
Since its establishment in early 2021, sirar by stc has worked to solidify its position through many partnerships that exceed 100 partners from various sectors. This recognition comes as a testimony to the company's performance in achieving growth and as an acknowledgment of its commitment to providing cybersecurity services that align with the highest global standards.
stc and Roshn
stc Group additionally signed a Memorandum of Understanding (MoU) and agreement with Roshn Group, the leading real estate developer and one of the major projects of the Public Investment Fund. The MoU agreement includes the deployment of 5G network towers, smart homes and smart city solutions, as well as the application of Big Data and Internet of Things (IoT) technologies to enhance communication efficiency and improve the quality of life of residents and visitors throughout Roshn’s communities.
The partnership agreement between stc and Roshn is part of the group’s strategy to build digitally enabled capabilities across new regions and various projects in the Kingdom. The agreement does this by equipping a modern digital infrastructure and providing the latest digital solutions and innovative services that enrich the lives of society. Smart city technologies and applications will be embedded in Roshn’s projects, which will enhance the quality of life in line with the goals of Vision 2030, aimed at building a digital society, a prosperous digital economy and a better future for the Kingdom.
stc: Playing a Deeper Role in Digital Transformation
In conclusion, stc Group aims for continuous development and success while leading the digital and communications fields. The group seeks to achieve this by entering into local, regional and global investments, partnerships and agreements in the communications and information technology sectors in line with the pillars of its “DARE 2.0” strategy. In addition, stc’s efforts will support the goals of Saudi Vision 2030 and play a deeper role in the digital transformation, not only in the Kingdom of Saudi Arabia but also in the Middle East and throughout the world.
