stc Group revenues reach SAR 72.3 billion during 2023, with an increase of 7.3%

stc today announced the annual consolidated financial results for the year ending at 31^st December 2023:

• stc revenues for the year 2023 reached SAR 72,337m with an increase of 7.3% as compared to 2022. The growth of revenue was mainly attributed to the increase in commercial unit revenues by 5.1%, carriers and wholesale unit revenues by 1.4% in stc KSA, and the subsidiaries revenues also increased by 23.9%.
• Gross Profit for the year 2023 grew by 1.1% as compared to 2022 reaching to SAR 37,804m.
• Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the year 2023 reached SAR 24,683m with a decrease of (1.6%) as compared to 2022.
• Net Profit for the year 2023 increased by 9.2% as compared to 2022 reaching to SAR 13,295m.
• stc distributes SAR 0.40 per share for the 4^th quarter of 2023, totaling SAR 1,993.80 million.
• stc Board of Directors recommended a special SAR 1 per share dividends for the year 2023, totaling SAR 4,984.50m. The total dividends for the year 2023 (after approving the special cash dividends by the General Assembly) will be SAR 2.60 per share, which represents 26% of the share’s par value.

Commenting on these results, Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, said: “The group’s strong performance during 2023 comes, thanks to God Almighty, as a clear outcome of implementing the group’s strategy in enabling digital transformation and benefiting from it to enhance stc’s expansion plans. stc investment plans to deploy the largest 5G network is a clear illustration of its ability to enhance the digital economy and support  it efforts to elevate the local content. Furthermore and based on the group’s approach to expanding in size and scope, the group through its subsidiaries, acquired many companies specialized in leading digital consulting and innovative solutions, Internet of Things solutions and technologies, as well as communications and information technology. During 2023, the Group has maintained its position as the highest brand in the telecommunications sector in the Middle East region for the fourth year in a row.

The GCEO added: “We will continue our commitment to developing our products and services to meet our customers’ need, driving sustainable growth, and increasing our shareholders’ value. stc Group will continue to be a pivotal contributor to the national economy and a major enabler of digital transformation across various sectors, and we will continue also to lead the digital transformation by providing technical solutions with global standards.