stc has released its annual consolidated financial results for the year ending on December 31, 2023. The company’s revenues for 2023 reached SAR72,337 million ($72 billion and $337 million, or $19.28 billion), showing a 7.3 percent increase compared to 2022. This growth in revenue can be attributed to a 5.1 percent increase in commercial unit revenues, a 1.4 percent increase in carriers and wholesale unit revenues in stc KSA, and a significant 23.9 percent increase in subsidiary revenues. Furthermore, the gross profit for 2023 grew by 1.1 percent compared to 2022, reaching SAR37,804 million.
However, the earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) for 2023 decreased by 1.6 percent compared to 2022, amounting to SAR24,683 million. On the other hand, the net profit for 2023 increased by 9.2 percent compared to 2022, reaching SAR13,295 million ($3.6 billion)
stc has announced that it will distribute SAR0.40 per share for the fourth quarter of 2023, totaling SAR1,993.80 million. Additionally, the company’s Board of Directors has recommended a special dividend of SAR1 per share for the year 2023, totaling SAR4,984.50 million. After the approval of the special cash dividends by the General Assembly, the total dividends for 2023 will be SAR2.60 per share, representing 26 percent of the share’s par value.
Furthermore, as part of its strategy to expand in size and scope, stc and its subsidiaries have acquired several companies specializing in digital consulting, innovative solutions, Internet of Things (IoT) solutions and technologies, as well as communications and information technology. In 2023, the stc Group maintained its position as the leading brand in the telecommunications sector in the Middle East region for the fourth consecutive year.
نتائجنا المالية لعام 2023
Our 2023 results pic.twitter.com/PTGgFNz3TE— مجموعة stc (@stc) February 19, 2024
Strong performance and digital transformation strategy
Commenting on these results, Eng. Olayan AlWetaid, GCEO of stc Group, said: “The group’s strong performance during 2023 comes (…) 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, AlWetaid stated that as part of the group’s strategy to expand in size and scope, the group, through its subsidiaries, has acquired numerous companies specializing in top-notch digital consulting, innovative solutions, Internet of Things (IoT) solutions and technologies, as well as communications and information technology. Throughout 2023, the group has successfully retained its position as the leading brand in the telecommunications sector within the Middle East region for the fourth consecutive year.
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.”
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