stc Group announced its financial results for the third quarter of 2024, achieving both its highest nine-month revenues and revenues to date. The company’s revenue increased by 3.92% YoY, reaching SAR 56.627 billion while net profit for the period reached 11.233 billion, reflecting an increase of 11.9%.
Additionally, stc subsidiaries’ revenue grew by 11%, contributing to the Group's record-breaking performance that exceeded market analysts’ estimates.
Based on the approval of stc Group’s General Assembly to sell a 51% stake in Telecommunication Towers Company (TAWAL) to the Public Investment Fund, the comparative figures for the previous periods were reclassified as discontinued operations in the interim condensed consolidated financial statements as of September 30, 2024. The material capital gain will be recognized after obtaining the necessary regulatory approvals and completing the transaction procedures.
Commitment to Enabling Digital Transformation
Olayan Alwetaid, stc Group's CEO, said, “stc Group is well positioned to continue its growth journey and maintain its leadership as the top digital enabler in the region. These outstanding results are a testament to the effective execution of the Group's strategy, which focuses on enhancing investment in infrastructure, growth in new technology sectors, and the activation of its efficiency program.”
stc Group has continued its commitment to enabling digital transformation in various vital sectors in Saudi Arabia by investing in digital infrastructure such as 5G, fiber optics, and data centers. The Group continues to invest in advanced technologies like cloud computing, IoT, and fintech, while enhancing its cybersecurity capabilities.
stc also continued to strengthen its national strategic partnerships through mega projects in the Kingdom such as NEOM, Diriyah, New Murabba and the Red Sea. This reinforces the Group's commitment to enabling the realization of national objectives and continues to solidify its position as a key player in the global digital economy.
On August 24th, in an effort to maximize total shareholders returns, stc's Board of Directors endorsed an increase in the annual dividend of 37.5%, raising it from SAR 1.6 to SAR 2.2 per share. This change will come into effect in Q4 2024. This raises the total annual dividend from SAR 8 billion to SAR 11 billion over the next three years, reflecting the Group's strong financial position and confidence in sustainable operating cash flows, whilst also demonstrating its continued commitment to expansion, growth, and diverse investments.
Previous Results:
stc Group's H1 2024 Financial Highlights and Strategic Advances
stc Group's Q1 2024 Success: Strong Growth, Expansion Plans in Motion
stc Group Achieved Its Highest Revenues Ever in Q3 2023
