Saudi Arabia’s telecommunications giant, Saudi Telecom Company (STC), has disclosed its consolidated financial outcomes for the year 2023, revealing a 7.3% surge in revenues to SAR 72.337 billion ($19.3 billion), up from the previous year.
The rise in revenue is primarily due to a 5.1% increase in commercial unit earnings, a 1.4% rise in carriers and wholesale unit profits within the Saudi market, and a significant 23.9% growth in subsidiary revenues.
The company’s Gross Profit also saw an ascent, with a 1.1% increase from 2022, amounting to SAR 37.804 billion ($10.3 billion).
Despite a slight downturn, STC’s earnings before Interest, Taxes, Zakat, Depreciation, and Amortization (EBITDA) tallied at SAR 24.683 billion ($6.6 billion), marking a 1.6% decrease from the prior year. However, the Net Profit for 2023 demonstrated a robust 9.2% growth, reaching SAR 13.295 billion ($3.6 billion).
Olayan bin Mohammed Al Wataid, the Group CEO, highlighted the company’s steadfast performance in 2023 as a testament to the successful implementation of its digital transformation strategy and its aggressive 5G network deployment. This strategy has not only augmented STC’s expansion but also reinforced the digital economy and local content enhancement.
In line with its growth strategy, STC has broadened its horizons by acquiring various companies specializing in digital consultancy, innovative solutions, Internet of Things technologies, and communications and information technology.
Throughout the year, STC has maintained its status as the most valuable telecommunications brand in the Middle East for the fourth consecutive year, solidifying its leadership position in the region.