stc Group announced its financial results for the nine month period of 2024, reporting a revenue increase of SAR 2,138 million reaching SAR 56,627 million, an increase of 3.92% compared to the same period last year. Net profit for the period reached to 11,233 million. This reflects an increase of 11.9% vs same period after excluding the non-recurring gain from the sale of Al Khobar land of SAR 1,296 million that was recorded in the third quarter of the previous year.
Additionally, stc subsidiaries’ revenue grew by 11%, contributing to the Group’s record-breaking performance that exceeded market analysts’ estimates.
It’s worth noting that based on the approval of stc Group’s General Assembly to sell 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 30th of September 2024. Furthermore, the material capital gain will be recognized after obtaining the necessary regulatory approvals and completing the transaction procedures.
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 continued its investment in advanced technologies like cloud computing, IoT, and fintech, while enhancing its cybersecurity capabilities.
stc also continued to strengthen its national strategic partnerships with mega projects in the Kingdom such as NEOM, Diriyah, New Murabba and 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.
It’s worth noting that the group continues its focus to maximize total shareholders returns as stc’s Board of Directors endorsed in 24th of Aug an increase in the annual dividend by 37.5%, from SAR 1.6 to SAR 2.2 per share, starting from 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, with the ability to continue expanding, growing, and diversifying investments.
