stc Group announced its financial results for the nine-month period of 2024, reporting a revenue increase of SR2.13 billion ($569.2 million), reaching SR56.6 billion, an increase of 3.92 percent compared to the same period last year. The net profit for the period reached SR11.2 billion. This reflects an increase of 11.9 percent compared to the same period last year after excluding the non-recurring gain from the sale of the Alkhobar land worth SR1.3 billion that was recorded in the third quarter of the previous year.
Additionally, stc subsidiaries’ revenue grew by 11 percent, contributing to the group’s record-breaking performance that exceeded market analysts’ estimates.
Based on the approval of stc Group’s General Assembly to sell 51 percent stake in Telecommunication Towers Company, known as 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 Sept. 30. 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 is committed 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.
Moreover, stc’s board of directors endorsed on Aug. 24 an increase in the annual dividend by 37.5 percent, from SR1.6 to SR2.2 per share, starting from Q4 2024. This raises the total annual dividend from SR8 billion to SR11 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.
