stc Group, a leading digital enabler driving digitalization, has announced impressive financial results for FY 2024, marking an 85% increase in net profit, which soared to SAR24.7 billion ($6.6 billion). The group’s revenue for the year totaled SAR75.8 billion ($20 billion), demonstrating robust growth across key financial metrics.
The company reported a gross profit of SAR37.3 billion, up 7.4% from the previous year, and an operating profit of SAR14.4 billion, reflecting a 9.6% increase compared to 2023. stc’s EBITDA for FY 2024 stood at SAR24 billion, marking a 6.6% growth.
Impressed with the financial performance, stc’s board of directors has proposed an additional cash dividend of SAR2 per share, equivalent to SAR10 billion. This is in addition to the previously approved distribution of SAR1.75 per share, bringing the total cash dividends for 2024 to SAR3.75 per share. This reflects the group’s ongoing commitment to maximizing investor returns.
Group CEO Eng. Olayan Alwetaid highlighted the group’s strong performance, attributing it to a 16% growth in subsidiary performance and the successful implementation of a cost-efficiency program. He emphasized that the results reflect the successful execution of stc’s strategy and operational plans, with a focus on innovation and enhancing customer experience driving sustainable growth.
stc’s 2024 results showed a 5.7% revenue growth, 9.6% increase in operating profit, and a 85.7% rise in net profit. Excluding one-off items, the group achieved a net profit growth of 13%.
Additionally, stc achieved several significant milestones, including signing a SAR32.64 billion contract to build and operate telecommunications infrastructure services for a government entity. The group also launched its digital bank after obtaining approval from the Saudi Central Bank, further advancing the digitization of the financial sector.
Stc successfully completed the sale of 51% of its stake in Tawal to the Public Investment Fund (PIF), aligning with efforts to create a leading company in telecommunications and IT infrastructure by merging Tawal with PIF’s subsidiary, Golden Lattice Investment.
On the international front, stc received approval from the Spanish Council of Ministers to increase its voting rights in Telefónica from 4.97% to 9.97%, along with the right to appoint a member to Telefónica’s Board of Directors. This strategic investment is part of stc’s global growth strategy, focusing on investments that deliver value.
