stc Group witnessed a surge in both net profit and revenues during the first half of 2024 with profit rising 7.73 percent year on year to SAR6.59 billion ($1.76 billion). stc Group also reported a 4.79 percent rise in revenues to SAR38.255 billion.
The group attributes this growth in revenues to the increase in stc KSA’s revenues by 0.6 percent due to a 6 percent surge in the commercial unit’s revenues. stc KSA’s carriers and wholesale unit revenues rose 0.2 percent while stc’s subsidiaries’ revenues surged by 13.4 percent in H1 of 2024.
stc Group also revealed a 3.88 percent annual rise in gross profit during the first six months of 2024 to SAR18.957 billion. Meanwhile, earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) reached SAR12.889 billion, an annual increase of 5.96 percent. In addition, the group distributed SAR0.40 per share for the second quarter of 2024, following the dividends distribution policy approved by the General Assembly.
stc Group’s ‘Dare 2.0’ strategy propels growth
Commenting on the results, Eng. Olayan bin Mohammed Alwetaid, stc Group’s CEO, commended the effort of the various sectors and subsidiaries which strengthened the group’s position in a competitive market. Alwetaid also attributes the growth to stc Group’s commitment to achieving its ‘Dare 2.0’ strategy which resulted in a strong financial performance during H1 of 2024.
stc Group also adopted a comprehensive cost efficiency program which played a major role in improving its profit margins and financial position. This has allowed it to continue investing in digital infrastructure and seizing available opportunities, cementing its position as the leading digital enabler in the Kingdom.
Read: Dubai’s du posts 54.2 percent net profit surge to $322.35 million in H1 2024
Bolstering digitization
Alwetaid also noted the group’s effort in utilizing its technical expertise to ensure the comfort and safety of pilgrims during the Hajj season. This included providing high-speed internet access for 1.8 million stc network users in the holy sites as well as a 65 percent increase in voice call volumes compared to the previous Hajj season.
In line with its ‘Dare 2.0’ strategy and Vision 2030 to establish Saudi Arabia as a global e-sports hub, stc Group partnered during H1 with the Esports World Cup Foundation as the lead partner and founder of the World Esports Cup.
stc Group also enhanced its presence and digitization efforts in several strategic Vision 2030 projects including the General Authority of Ports, the Saudi Global Ports Company, and the Red Sea Gateway Terminal.
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