Stc achieves highest semi-annual revenues at SR 36.5 billion ‎

stc group revenues increased during the six months of 2023, compared to the same period of the previous year, by 8.17%.

stc group announced its preliminary financial results for the period ending on June 30, 2320 AD.

Revenues increased during the first half of the year 2023 by 8.17% compared to the same half of the previous year, to reach 36,506 million Saudi riyals.

Gross profit increased during the first half of the year 2023 by 0.90% compared to the same half of the previous year, to reach 18,488 million Saudi riyals.

Net profit increased during the first half of the year 2023 by 4.17% compared to the same half of the previous year, to reach 6,117 million Saudi riyals.

The results of the first half of the year 2023 AD do not include the profit from selling the land of Khobar

Commenting on these results, Engineer Olayan bin Muhammad Al-Wateed, CEO of stc Group, indicated that during the past period, and in line with the company’s vision and strategy “2.0 DARE”, which includes expansion in size and scope, stc group, through “solutions” (a subsidiary of the Group) has signed a binding offer to acquire 40% of Devoteam Middle East, a leading innovative digital business consultancy. This expansion will enhance stc Group’s capabilities in the information technology sector and enable digital transformation through an integrated system of subsidiaries specialized in digital infrastructure, the Internet of Things, cloud computing, cybersecurity, digital financial services, business outsourcing services, and others.

Based on the group’s role as a leading digital enabler in the Kingdom and the region, “center3” (one of the group’s subsidiaries) announced the arrival of the world’s longest submarine cable “Africa 2” to the city of Jeddah and Yanbu, provided that it reaches The city of Duba later this year and the city of Khobar during the year 2024 AD. This cable is one of the longest submarine cables in the world and this project will connect 33 countries across three continents: Africa, Asia and Europe. “center3” also signed a strategic agreement with “Huawei” to establish a cloud region in the Kingdom, which will provide advanced and secure cloud services at the highest levels to provide data hosting services to meet the growing demand for cloud services. “center3” has also increased the capacity of its data center in Riyadh by 9.6 megawatts regionally.

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 technical fields, the stc group announced that the value of investments obtained by the entrepreneurs participating in the inspireU accelerator has reached more than 700 million Saudi riyals. . Since its launch, the inspireU accelerator has succeeded in enabling more than 90 emerging digital projects in various fields. The market value of investments and financial transactions for project products incubated by the program amounted to more than 12 billion Saudi riyals. More than 40 million users have benefited from the pioneering projects of inspireU, 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 CEO of the group also added that, during this year’s Hajj season, the stc group equipped the holy sites with the latest technologies and innovative solutions. The volume of usage during the days of Eid Al-Adha amounted to 211% compared to the Hajj season of last year, and the number of international users of its network grew by 39% compared to the number of international users in the previous year. In addition, international roaming customers on the stc network increased by 121% compared to last year. stc is proud of its role in achieving the aspirations of our wise leadership by contributing to the success of this year’s Hajj season.

Finally, we at stc are proud of the group’s pioneering role in enabling digital transformation in the Kingdom and the region, as the group continues its endeavor to expand the scope of its digital services, provide technical solutions and provide world-class communications services to serve local and regional communities and in line with our strategy “DARE2 .0”, which raises the level of our aspirations to continue our investments and expand the scope of work to provide the best and latest technologies within its digital system to contribute to achieving the goals of the Kingdom’s Vision “2030”.

stc noted that the results of the first half of the year 2023 AD do not include the profit from the sale of Al-Khobar land, which was announced to be completed on the tenth of July of this year.