The Saudi Telecommunication Company (stc) saw its revenues soar to SR72.33 billion in 2023, marking a robust 7.3% increase compared to the previous year. This growth was primarily driven by a 5.1% rise in commercial unit revenues, a 1.4% uptick in carriers and wholesale unit revenues within stc KSA, and a 23.9% surge in subsidiary revenues.
The company’s gross profit surged 1.1% from the previous year to reach SR37.8 billion.
Despite the overall growth, stc’s EBITDA for 2023 dipped 1.6% to SR24.6 billion compared to the previous year. However, net profit demonstrated resilience, posting a 9.2% increase to SR13.29 billion.
stc announced a distribution of SR0.40 per share for the fourth quarter of 2023, totalling SR1.99 billion. Additionally, the Board of Directors recommended a special dividend of SR1 per share for the year, amounting to SR4.98 billion. With the approval of the special cash dividends by the General Assembly, the total dividends for the year 2023 will be SR2.60 per share, constituting 26% of the share’s par value.
“stc investment plans to deploy the largest 5G network is a clear illustration of its ability to enhance the digital economy and support its efforts to elevate the local content,” said Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group.