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.
STC Group has acquired a 9.97% stake in Telefonica and is now seeking a board seat following Telefonica’s CEO change. This move comes after significant ownership changes at Telefonica, with the Spanish government and Criteria increasing their stakes.
stc Group’s Job Attachment Program has partnered with 25 global organizations, providing employees with hands-on experience and career development opportunities. The program has seen a 72% increase in participation, empowering Saudi talent and boosting innovation. It bridges the gap between education and industry, fostering growth in AI and cybersecurity.
Saudi Telecom (STC Group) has received approval from the Spanish government to increase its stake in Telefonica to 9.97%. The decision follows an analysis to ensure compliance with Spanish legislation and national defense interests. STC has stated that it does not seek control or a majority stake in Telefonica.
stc Group and Dawiyat Digital have signed a strategic agreement to expand IoT services across Saudi Arabia, focusing on strengthening collaboration and extending IoT solutions to multiple sectors. The partnership will leverage stc’s network to enhance connected services for businesses and consumers, driving growth and innovation in the Kingdom.
At Capacity Europe 2024, stc Group was awarded Best Middle Eastern Connectivity Provider and Best Sales Team Globally. The Group also formed strategic partnerships with Cubic Telecom and China Unicom to enhance IoT innovation and connectivity, reinforcing its commitment to driving digital transformation in the telecommunications sector.
