Saudi Arabia’s listed telecom operators recorded strong financial performance in the first nine months of 2025, driven by rapid digital transformation, expanding infrastructure, and rising adoption of advanced technologies. Combined sector revenues reached SAR 80.46 billion ($21.45 billion), while net profits grew 5.72% year-on-year to SAR 14.46 billion.
Four operators are listed on the Saudi exchange, including market leader Saudi Telecom Company (stc), Mobily, Zain KSA, and GO (Etihad Atheeb Telecom). Together, they continued to benefit from increased demand for 5G, cloud, cybersecurity, IoT, and data-driven services.
stc dominated sector earnings, contributing nearly 80% of total profits after posting SAR 11.58 billion in net income — a 3.08% annual increase. Mobily delivered the strongest growth, with profits rising 18.15% to SAR 2.51 billion, supported by higher revenues and improved operating efficiency. Zain KSA followed with a 15.84% increase, reporting SAR 373 million in earnings due to reduced operating costs and better credit provisions.
Despite solid year-to-date results, third-quarter performance was mixed. Sector profits for the quarter totalled SAR 5.17 billion, but a 11.54% quarterly decline at stc weighed on overall performance. Mobily grew 10.5% in the quarter, while Zain KSA achieved a 2% rise supported by cost efficiencies. Sector revenues for Q3 climbed 4.6% year-on-year to SAR 26.86 billion.
Industry analysts remain optimistic, pointing to expanding 5G usage, cloud and data center investments, and continued government-backed digital initiatives under Vision 2030. Experts also emphasised the need for telecom operators to diversify into financial, entertainment, and advanced technology verticals to sustain competitiveness.
