stc Group has reported impressive financial results for the first nine months of 2024, posting a revenue surge of $577.26 million to reach $15.03 billion, a 3.92% increase over the same period last year. Net profit hit $3.03 billion, marking an 11.9% growth year-over-year, excluding a one-time gain of $350 million. from the sale of Al Khobar land recorded in Q3 of 2023.
stc’s subsidiaries also contributed significantly to this performance, with an 11% increase in revenue that bolstered the Group’s results, exceeding market expectations.
Following shareholder approval to sell a 51% stake in the Telecommunication Towers Company (TAWAL) to the Public Investment Fund, stc reclassified comparative figures from prior periods as discontinued operations in its interim financial statements as of September 30, 2024. The transaction’s substantial capital gain will be recognized once regulatory approvals are obtained and procedures are finalized.
Commenting on the results, stc Group CEO Olayan Alwetaid stated, “stc Group is well-positioned to sustain its growth journey and uphold its leadership as the leading digital enabler in the region. These results reflect our successful execution of the Group’s strategic initiatives aimed at infrastructure enhancement, growth in new tech sectors, and optimized operational efficiency.”
stc remains dedicated to driving digital transformation in Saudi Arabia, focusing on investments in 5G, fiber optics, and data centers. The Group has also expanded in advanced technologies, including cloud computing, IoT, and fintech while bolstering its cybersecurity capabilities.
Strategic partnerships with major national projects like NEOM, Diriyah, New Murabba, and Red Sea underscore stc’s commitment to advancing Saudi Arabia’s development goals and reinforcing its standing as a global digital economy leader.
Additionally, stc Group’s Board of Directors recently approved a 37.5% increase in annual dividends, raising dividends per share from USD 0.43 to USD 0.59 starting in Q4 2024. This will boost total annual dividends from $2.16 billion to $2.97 billion over the next three years, underscoring the Group’s robust financial position, sustainable cash flow, and commitment to expanding and diversifying investments for maximized shareholder returns.
