Saudi Arabia’s stc Group has emerged as the largest listed telecom operator in the Middle East and North Africa, with a market capitalization of $57.7 billion as of January 28, according to a Forbes analysis. The company surpassed UAE’s e&, Etihad Etisalat (Mobily), Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which make up the top five telecom firms in the region by market value.
The combined capitalization of these five companies reached $132 billion, accounting for 84.7% of the total market value of the 16 publicly listed telecom operators in the region. stc’s stock rose 2% year on year to SR43.3 ($11.6) as of January 28, and the company posted a net profit of SR11.23 billion for the first nine months of 2024, marking a 2% increase from the same period a year earlier.
Additionally, stc’s financial arm, STC Bank, became the first licensed digital financial institution in Saudi Arabia, receiving approval from the Saudi Central Bank. This aligns with the country’s digital transformation goals in the banking sector.
Forbes also highlighted stc’s growth in mobile subscribers, which increased by 7.9% year on year, reaching 27.6 million, and a 2.3% rise in fixed-line subscribers, totaling 5.7 million. In contrast, stc’s operations in Kuwait saw a 4.2% decline in mobile subscribers.
Among regional competitors, e& ranked second with a market capitalization of $41.1 billion, followed by Mobily at $12 billion. Mobily’s stock price increased 14.5% year on year, with a 43% surge in net profit for the first nine months of 2024. Ooredoo Group and Emirates Integrated Telecommunications Co. follow in fourth and fifth places, respectively.
