The Public Investment Fund (PIF) of Saudi Arabia completed the sale of 100 million shares in Saudi Telecom Company (stc), raising $1.03 billion. The oversubscribed offering marks the largest accelerated bookbuild in Saudi Arabia and the MENA region. PIF retains 62% of stc’s shares as part of its strategic capital recycling plan.
Space42, the UAE-based space tech company, reported a 17.5% increase in profit for the first nine months of 2024, totaling $118.8 million. The company’s performance was boosted by the merger with Bayanat and Yahsat. Despite a revenue decline, Space42 remains focused on profitable growth and innovation in tech solutions.
Mobile Telecommunications Company K.S.C.P. reported third-quarter sales of KWD 500.61 million, a rise from KWD 485.11 million last year, with net income increasing to KWD 54.12 million. For the nine months, sales grew to KWD 1,445.46 million, but net income dropped to KWD 135.53 million.
Zain reports steady revenue growth in Q3 and 9M 2024, driven by digital transformation, fintech expansion, and investments in 5G. The company highlights strong growth in digital services and data revenue across its operating regions.
Dialog Axiata PLC reported its earnings for Q3 and the nine months ending September 30, 2024. Q3 sales decreased to LKR 42.83 billion, while net income rose to LKR 4.50 billion. For the nine months, sales were LKR 125.38 billion, with net income dropping to LKR 5.69 billion.
Beyon, Bahrain’s telecom giant, reports a 1% rise in net profit to BD56.2 million and a 6% revenue increase in the first nine months of 2024. Comprehensive income surged by 22%, driven by favorable investment gains. EBITDA margin remained steady at 40% amidst consistent growth.
Egypt’s telecommunications sector has experienced significant growth, with its GDP contribution increasing from 3.2 percent to 5.8 percent. The outsourcing sector expanded by 54 percent, and Egypt now ranks first in Africa for internet speed. The country also improved its digital transformation and cybersecurity rankings.
Robi reported a 5% revenue decline in Q3 2024, impacted by an internet shutdown and floods. Revenue reached 2,474.4 crore taka, with voice revenue up 3.7% but data revenue down 15.5%. Despite challenges, profit after tax grew significantly, reflecting strong cost efficiency measures.
Ooredoo has reported a 10% increase in shareholder profits to QAR 2.92 billion for the first nine months of 2024. Revenues also rose by 2% to QAR 17.65 billion. The company continues to focus on expanding its digital infrastructure and securing financing to support growth in data center and AI operations.
Ooredoo Algeria has reported strong financial growth for the first three quarters of 2024, with revenues reaching 77.3 billion Algerian dinars, a 15% increase from 2023. The company also emphasized its commitment to social responsibility through various humanitarian initiatives and educational support for underprivileged communities.
