Stc Group Achieves 13.38% Growth In Six-Month Net Profit To SAR 7.5 Billion Amid Strong ICT Sector Performance

stc Group has reported its highest-ever revenue for the first half of the year, amounting to SAR38.66 billion. The net profit for this period rose by 13.38% compared to last year, reaching SAR7.472 billion. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also increased by 6.10%, totalling SAR12.289 billion.

The CEO of stc Group, Eng. Olayan Alwetaid, attributed the strong performance to the group's strategic focus and opportunities in the ICT sector. He emphasised that financial discipline and effective capital management were crucial for business stability and future growth. This strategy resulted in a 2.1% revenue increase and a 6.6% rise in gross profit during the first half of the year compared to the same period last year.

In recent months, stc Group has signed several strategic agreements to maintain its leadership in telecommunications and IT. A notable partnership with Oracle, valued at over SAR2 billion, aims to accelerate digital transformation across Saudi Arabia. This collaboration will develop advanced AI-powered cloud infrastructure through Oracle Alloy platform at center3’s data centers.

The group's Cost Efficiency Program significantly boosted operational and financial performance, leading to a 6.1% EBITDA growth and an EBITDA margin increase by 3.9 percentage points to 31.8%. These improvements contributed to a substantial rise in net profit.

stc Group released its sixth Sustainability Report for 2024, showcasing progress in sustainability efforts across environmental, social responsibility, and governance areas. The report highlighted initiatives to enhance environmental performance, foster human capital through digital innovation, and uphold governance standards.

The GCEO noted that rising demand for stc's services reflects public trust in its digital solutions. STC Bank's rapid growth to over three million customers since its early 2025 launch underscores increasing digital banking adoption and stc’s role in advancing financial services.

Commitment to National Economy

These initiatives underscore stc Group's role as a key enabler of the national economy by supporting job creation, business development, talent advancement, community well-being, and digital infrastructure growth. The group remains dedicated to maximising its positive impact on society by embedding sustainability across all business areas.

The group's achievements were recognised with an upgrade in its ESG rating from "BBB" to "A" by MSCI ratings, affirming its adherence to high local and international sustainability standards.

With inputs from SPA