stc Profits Surge 86% to SAR 24.6 Billion by End of 2024

Saudi Telecom Company (stc) reported a net profit of SAR 24.6 billion for the year 2024, marking an 86% increase from SAR 13.2 billion in 2023. This follows the announcement of the company’s preliminary financial results for the period ending December 31, 2024.

Key Financial Highlights:

• Operating profit rose 10% to SAR 14.4 billion in 2024, compared to SAR 13.16 billion in 2023.
• Total equity (after excluding non-controlling interests) reached SAR 89.4 billion, up 13% from SAR 78.9 billion last year.
• Earnings per share (EPS) climbed to SAR 4.95, compared to SAR 2.67 in the previous year.

In a statement released on Tadawul, stc attributed its total revenue of SAR 75.89 billion to a 0.9% increase in stc KSA revenue and a 16.4% rise in revenue from its subsidiaries.