Riyadh, February 19, 2024, Today, stc unveiled its consolidated financial results for the fiscal year ending on December 31st, 2023. The company reported revenues totaling SAR 72,337 million for 2023, marking a notable increase of 7.3% compared to the previous year. This growth in revenue was primarily driven by a 5.1% rise in commercial unit revenues, a 1.4% increase in carriers and wholesale unit revenues within stc KSA, and a substantial 23.9% surge in subsidiary revenues. Furthermore, the Gross Profit for 2023 showed a modest increase of 1.1% compared to 2022, reaching SAR 37,804 million.
Despite the positive revenue growth, earnings before Interest, Taxes, Zakat, Depreciation, and Amortization (EBITDA) for 2023 saw a slight decrease of 1.6%, totaling SAR 24,683 million compared to the previous year. However, the company reported a commendable 9.2% increase in Net Profit for 2023, reaching SAR 13,295 million compared to 2022.
stc also announced its dividend distribution, with SAR 0.40 per share allocated for the fourth quarter of 2023, totaling SAR 1,993.80 million. Additionally, the stc Board of Directors recommended a special dividend of SAR 1 per share for the year 2023, amounting to SAR 4,984.50 million. With the approval of the special cash dividends by the General Assembly, the total dividends for 2023 will amount to SAR 2.60 per share, representing 26% of the share’s par value.
Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, commented on these results, attributing the strong performance to the successful implementation of the group’s digital transformation strategy and its focus on expanding stc’s reach. Al Wataid highlighted stc's investment plans to deploy the largest 5G network and its efforts to enhance the digital economy. He emphasized the company's commitment to developing innovative products and services to meet customer needs while driving sustainable growth and increasing shareholder value. Al Wataid reiterated stc Group's commitment to being a key contributor to the national economy and a leader in digital transformation across various sectors.
