stc recently shared company’s preliminary financial results for the first half of 2024.
Revenues for the six-month period of 2024 reached SR38,255m with an increase of 4.79 percent as compared to the comparable period last year. The growth of revenues was mainly attributed to the increase in stc KSA’s revenues by 0.6 percent driven by an increase in commercial unit revenues by 6.0 percent, carriers and wholesale unit revenues by 0.2 percent. Furthermore, stc’s subsidiaries revenues also increased by 13.4 percent.
Gross profit for the six-month period of 2024 reached to SR18,957m with an increase of 3.88 percent as compared to the comparable period last year. Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the six months period of 2024 reached to SR12,889m with an increase of 5.96 percent as compared to the comparable period last year.
Net profit for the six-month period of 2024 reached to SR6,590m with an increase of 7.73 percent as compared to the comparable period last year.
stc distributes SR0.40 per share for the second quarter of 2024, in accordance with the dividends distribution policy approved by General Assembly.
Commenting on the results, Olayan bin Mohammed Alwetaid, stc group’s CEO, commended the efforts made by the group through its various sectors and subsidiaries in strengthening the group’s position in a competitive market, which were achieved due to the group’s commitment to achieving its “Dare 2.0” strategy, resulting in a strong financial performance during the first six months of this year.
The comprehensive cost efficiency program adopted by the group also played a prominent role in improving profit margins through enhanced operational efficiency and cost control, which strengthened the company’s financial position and its ability to seize available opportunities and continue investing in the digital infrastructure, which will cement stc group’s position as the leading digital enabler in the Kingdom.
The group’s CEO also praised the efforts made by the Kingdom to provide the best services and facilities for pilgrims and improve their experience during the Hajj season.
The group’s commitment to utilizing its technical expertise has ensured the comfort and safety of the pilgrims. This included providing high-speed internet access for 1.8 million stc network users in the holy sites, as well as a 65 percent increase in voice call volume compared to the previous Hajj season.
