stc Group has reported strong financial results for the first half of 2024. Commenting on the results, Eng. Olayan bin Mohammed Alwetaid, stc Group’s CEO, commended the efforts made by the Group through its various sectors and subsidiaries in strengthening the Group’s position in a competitive market, which were achieved due to the Group's commitment to its "Dare 2.0" strategy.
Financial Highlights:
- Revenue rose to SAR 38,255 million, up 4.79% from the first half of 2023. This growth was driven by a 0.6% increase in stc Saudi revenues, led by a 6.0% rise in commercial unit revenue and a 0.2% increase in carriers and wholesale unit revenue. Subsidiaries' revenues also grew by 13.4%.
- Net profit for the period was SAR 6,590 million, marking a 7.73% increase from the same period last year.
- Gross profit reached SAR 18,957 million, up 3.88% year-over-year.
- EBITDA for the period reached SAR 12,889 million, up 5.96% from the first half of 2023.
- The company declared a dividend of SAR 0.40 per share for the second quarter of 2024, in line with its approved dividend distribution policy.
stc Group H1 2024 Highlights
The Group's comprehensive cost efficiency program significantly improved profit margins by enhancing operational efficiency and controlling costs. This strengthened the company's financial position, enabling it to seize opportunities and continue investing in digital infrastructure, solidifying stc Group's position as the leading digital enabler in the kingdom.
CTO Exclusive: stc Group: Bringing Innovative Possibilities to the Global Digital Landscape
The Group CEO also praised the kingdom’s commitment to providing the best services and facilities for pilgrims and improving their experience during the Hajj season. Notably, stc provided high-speed internet access to 1.8 million stc Group network users who visited the holy sites. This resulted in a 65% increase in voice call volume compared to the previous Hajj season and ensured world-class connectivity for millions of pilgrims.
In tandem with this achievement, stc is expanding its 5G network and adopting new technologies such as 5G-Advanced, RedCap, and passive IoT to provide cutting-edge telecommunications services and usher in a new era of connectivity, security, and efficiency.
As part of its "Dare 2.0" strategy and Vision 2030 goals to make Saudi Arabia a global e-sports hub, stc Group has become the Elite and Founding Partner of the Esports World Cup. stc will provide premier communications and IT services, including advanced networking technologies, to support the event's infrastructure and deliver an exceptional digital experience for players and gaming enthusiasts.
The Group CEO added that stc Group remains dedicated to supporting the digitization of operational processes and enhancing the application of modern technologies across several strategic projects of the kingdom's Vision 2030. This is being achieved through partnerships with the General Authority of Ports, the Saudi Global Ports Company, and the Red Sea Gateway Terminal, amongst others.
Moreover, stc Group, via its carriers and wholesale unit, provides various digital services and solutions for the transportation and ports sector and others, contributing to improving performance, operations, economic competitiveness and cost reduction. The Group’s initiatives also focus on increasing safety levels for workers.
During the first half of 2024, an agreement was signed, outlining that PIF shall acquire a 51% stake in stc Group’s Telecommunication Towers Company Limited (TAWAL). The newly merged entity will possess approximately 30,000 mobile tower sites and will become one of the largest tower companies globally, with estimated annual revenues of approximately USD 1.3 billion.
As a result of its consistent efforts, stc Group has been acknowledged as the most valuable telecom brand in the Middle East for the fourth year in a row, and was able to strengthen its position as the most influential local brand in the kingdom for 2023, according to a Global Ipsos survey. This recognition reflects the success of stc Group’s growth strategy and the provision of advanced digital solutions and services.
stc Group takes pride in leading digital transformation in the kingdom and the region and is committed to providing advanced technology solutions and world-class telecommunications services. Furthermore, for the first time globally, stc Group has implemented an AI-powered operations system on its network using Nokia’s MantaRay Self-Organizing Network (SON), which automates network optimization.
Continue reading:
stc Group's Q1 2024 Success: Strong Growth, Expansion Plans in Motion
stc Group Wraps Up MWC24 on a High Note
SkyFive Arabia, flynas, stc Group Introduce High-Speed A2G Internet in the Middle East
