Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
stc Group reported strong FY 2024 results, with an 85% surge in net profit reaching SAR24.7 billion. The company saw revenue growth of SAR75.8 billion and made significant strategic moves, including launching a digital bank, expanding in Telefónica, and enhancing its infrastructure offerings. Cash dividends of SAR3.75 per share were declared.
Bangladesh’s mobile financial services transactions are projected to exceed Tk 25 lakh crore by 2025, reflecting the rapid growth of digital financial services. The Bangladesh Bank has upgraded its RTGS system and is working on a mobile interoperability platform to further enhance financial accessibility and security.
Robi Axiata reported its highest-ever profit for 2024, with a 119% increase in profit to Tk703 crore. The company also proposed a 15% cash dividend to shareholders, marking its largest payout since 2020. Despite challenges, Robi continues to invest in digital infrastructure and maintain a strong 4G network.
Dubai Internet City has contributed AED100 billion to Dubai’s GDP over the past 15 years, driving innovation and supporting the growth of the tech sector. The district has created over 125,000 jobs and attracted more than 4,000 businesses. It remains a key driver of Dubai’s digital economy and sustainability initiatives.
NileSat reported a 31.83% year-on-year increase in net profits for 2024, reaching $57.681 million. The company’s operating revenue slightly decreased to $101.140 million. For the first nine months, net profits after tax grew by 26.77%, reflecting the company’s strong performance in satellite broadcasting and broadband services.
Zain Saudi Arabia reported record revenue of SAR10.4 billion for FY 2024, reflecting a 5% growth. The company achieved a 354% increase in normalized net profit and a 12% growth in EBITDA. The Board recommended a 5% dividend, driven by strong demand for 5G and digital services.
Zain Bahrain reported a 6.8% increase in revenue for FY2024, reaching BD77.24 million. The company’s total profit grew by 2%, and it recommended a 9 fils per share dividend. Key achievements included its collaboration with BNET and maintaining a Bahrainization rate of 93.33%.
Dialog Axiata reported strong growth in FY 2024, with core revenue rising 10% YTD to Rs151.3 billion and EBITDA increasing by 8%. The company posted a net profit of Rs12.4 billion despite a 38% YTD drop, mainly due to prior forex gains. Investments in broadband and infrastructure reached Rs30.3 billion.
Robi Axiata posted a record profit of Tk 7.03 billion in 2024, driven by operational efficiency and strategic investments, despite challenges such as internet blackouts and rising SIM taxes. Revenue growth was minimal, but the company declared a 15% cash dividend, marking its highest payout since 2020.
Maroc Telecom reported a slight profit decline to $616 million, despite a 1.2% increase in revenue to 36.7 billion dirhams. The growth was driven by its African subsidiaries and investment in broadband. The company plans to continue digital transformation, focusing on AI integration and expanding its international footprint.