Saudi Arabia’s stc Group announced its highest-ever six-month revenue of 38.66 billion riyals ($10.3 billion), marking a 2.1% increase over the same period last year. Net profit rose 13.38% to 7.4 billion riyals ($1.99 billion), while EBITDA grew 6.10% to 12.2 billion riyals ($3.28 billion), supported by a robust Cost Efficiency Program.
CEO Engineer Olayan Alwetaid attributed the strong performance to disciplined capital management, strategic adherence, and growth in ICT opportunities. The group’s EBITDA margin expanded by 3.9 percentage points to 31.8%, driving net profit growth and business stability.
Alwetaid highlighted growing demand for stc’s digital solutions, with STC Bank surpassing three million customers shortly after its 2025 launch, reflecting rapid adoption of digital banking and stc’s expanding role in financial services.
In cloud computing, stc partnered with Oracle on a SAR 2 billion ($533 million) deal to accelerate the Kingdom’s digital transformation via AI-powered sovereign cloud infrastructure hosted on the Oracle Alloy platform at center3’s data centers.
The group also published its sixth Sustainability Report for 2024, showcasing progress in environmental, social, and governance (ESG) practices. Its ESG rating improved from “BBB” to “A” in MSCI’s latest review, underscoring stc’s commitment to high sustainability standards.
