Leading Saudi telecom group stc has recorded strong financial results for the first half of 2024, with a 4.79% increase in revenues compared to the same period of the previous year, reaching SAR38.25 billion ($10.2 billion).
Announcing its preliminary financial results for the six months ending June 30, stc Group stated that its net profit surged by 7.73% to hit SAR6.6 billion, mainly driven by a 0.6% rise in overall revenues. This growth was supported by a 6% increase in customer unit revenues and a 0.2% increase in carrier and wholesale unit revenues. Additionally, the company’s subsidiary revenues rose by 13.4%.
The Saudi telco pointed out that the increase in net profit solidifies its position as the most influential local brand in Saudi Arabia, according to the 2023 Ipsos global index. This success reflects the effectiveness of its expansion and growth strategy, as well as its provision of advanced digital solutions and services.
Engineer Olayan bin Mohammed Alwetaid, stc Group’s chief executive, commended the efforts made by the group’s various sectors and subsidiaries to enhance its position in a competitive market. These endeavors were achieved through the commitment of the group to its “Dare 2.0” strategy, resulting in outstanding financial performance during H1 2024.
Alwetaid highlighted the role of the comprehensive cost efficiency program adopted by the group to enhance profit margins through operational efficiency and cost control. The program helped boost stc’s financial position and its ability to seize available opportunities and continue investing in digital infrastructure, further supporting the company’s position as the leading digital enabler in the Kingdom.
Alwetaid praised the efforts made by Saudi Arabia to provide the best services and facilities for Hajj pilgrims and improve their experience. In this regard, he underscored the group’s commitment to leveraging its technological expertise to ensure the comfort and safety of Hajj pilgrims. Such services included providing standard internet speeds to 1.8 million users of the stc network in the holy sites, as well as increasing voice call volume by 65% compared to the previous season.
Alwetaid affirmed stc’s dedication to supporting the objectives of Vision 2030, aiming to turn the kingdom into a global destination for gaming and eSports. “To achieve this, stc signed a strategic partnership with the Esports World Cup Foundation to become the elite and founding partner of the Esports World Cup,” he stated. “Through the partnership, stc will provide high-quality telecommunications and information technology services to cover all event facilities and areas. It will offer advanced communication and internet technologies to support the tournament and provide the best digital infrastructure for participating players, in line with the ‘Dare 2.0’ strategy,” he added.
According to him, stc will continue its efforts to support the digitization of operational processes and enhance the implementation of modern technologies in several strategic projects in line with Vision 2030. One example is the partnership with the Saudi Ports Authority, the Saudi Global Ports Company, and the Red Sea Gateway Terminal, through which stc provides various digital services and solutions for the transportation and port sectors via its Carrier and Wholesale Unit. The partnership contributes to enhancing performance, improving operations and economic competitiveness, reducing costs, and increasing the safety of workers.
