STC Group's 2023 Revenue Hits SAR72.3 Billion, Up By 7.3% From Last Year

stc, a leading telecommunications provider, has recently unveiled its annual consolidated financial results for the year ending 31st December 2023. The company reported a notable increase in revenues, reaching SAR72,337m, marking a 7.3% rise compared to the previous year. This growth is primarily attributed to a 5.1% increase in commercial unit revenues and a 1.4% rise in carriers and wholesale unit revenues within stc KSA. Additionally, subsidiary revenues saw a significant surge of 23.9%.

The Gross Profit for 2023 also saw an upward trend, growing by 1.1% to reach SAR37,804m when compared to 2022. However, earnings before Interest, Taxes, Zakat, Depreciation, and Amortization (EBITDA) experienced a slight decrease of 1.6%, totaling SAR24,683m. Despite this, Net Profit for the year showed a robust increase of 9.2%, reaching SAR13,295m.

In terms of shareholder returns, stc announced a dividend of SAR0.40 per share for the fourth quarter of 2023, amounting to SAR1,993.80 million in total. Furthermore, the Board of Directors recommended a special dividend of SAR1 per share for the year 2023, totaling SAR4,984.50m. After approval from the General Assembly, the total dividends for the year will stand at SAR2.60 per share, representing 26% of the share’s par value.

Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, highlighted the company's strong performance in 2023 as a direct result of its strategic focus on enabling digital transformation and leveraging it to support expansion plans. He emphasized stc's investment in deploying the largest 5G network as a testament to its commitment to enhancing the digital economy and supporting local content development.

The GCEO further noted that stc Group's strategy of expanding its size and scope led to the acquisition of several companies specializing in digital consulting, innovative solutions, Internet of Things technologies, and communications and information technology during the year. He proudly mentioned that stc Group has maintained its position as the highest brand in the telecommunications sector in the Middle East region for the fourth consecutive year.

Looking ahead, Eng. Al Wataid reaffirmed stc Group's dedication to developing products and services that meet customer needs while driving sustainable growth and increasing shareholder value. He underscored stc Group's role as a pivotal contributor to the national economy and a major enabler of digital transformation across various sectors. The commitment to leading digital transformation through providing technical solutions that meet global standards was also reiterated.

This announcement was made available by SPA at 16:56 Local Time (13:56 GMT).