Announcing a significant financial performance, stc disclosed its consolidated results for the fiscal year concluding on December 31, 2023. The company witnessed a substantial revenue uptick of 7.3% from the previous year, totaling SAR 72,337 million. This surge in income is largely credited to a 5.1% increase in commercial unit revenues, a 1.4% rise in revenues from carriers and wholesale units in stc KSA, and a notable 23.9% growth in subsidiary revenues.
Despite these impressive figures, the company experienced a slight 1.6% dip in EBITDA, which amounted to SAR 24,683 million. However, the net profit told a different story, leaping by 9.2% to reach SAR 13,295 million, showcasing the company’s robust profitability.
Shareholders were greeted with pleasant news as stc declared a SAR 0.40 per share dividend for the fourth quarter of 2023, culminating in a payout of SAR 1,993.80 million. The Board of Directors further recommended a generous special dividend of SAR 1 per share for the year, amounting to SAR 4,984.50 million. Upon approval by the General Assembly, the cumulative dividend for 2023 will be SAR 2.60 per share, representing a substantial 26% of the share’s par value.
Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, attributed the company’s dynamic performance to the strategic focus on digital transformation and expansion initiatives. He underscored stc’s commitment to propelling the digital economy forward by deploying the region’s most extensive 5G network and acquiring firms specializing in digital consulting, IoT solutions, and communication technologies.
Under his leadership, stc has not only held onto its title as the top brand in the Middle East’s telecommunications sector for the fourth consecutive year but is also poised to continue enhancing customer experiences, driving sustainable growth, and maximizing shareholder value. The GCEO reaffirmed stc Group’s role as a cornerstone of the national economy and a catalyst for digital transformation across various industries.