Riyadh: stc Group announced today in a press release the financial results for the first nine months of 2024, which show a SAR2,138 million revenue increase, bringing it to SAR56,627 million, a 3.92% growth over the same period of last year. Net profit in the period reached SAR11,233 million, an 11.9% increase over the same period last year, excluding the non-recurring gain from the sale, in the third quarter of 2023, of Al Khobar land for SAR1,296 million. According to Saudi Press Agency, stc subsidiaries' revenues grew by 11%, contributing to the group's record-breaking performance, which exceeded market analysts' estimates. Based on the stc Group General Assembly approval to sell a 51% stake in the Telecommunication Towers Company (TAWAL) to the Public Investment Fund, the comparative figures for the previous periods were reclassified as discontinued operations in the interim condensed consolidated financial statements as of September 30, 2024. Furthermore, the material capital gain will be recognized aft er obtaining the necessary regulatory approvals and completing the transaction procedures. stc Group's CEO Olayan Alwetaid stated that the group is well positioned to continue its growth journey and maintain its leadership as the top digital enabler in the region. The results reflect the effective execution of the group's strategy, focusing on enhancing investment in infrastructure, growth in new technology sectors, and the activation of its efficiency program. The group has been actively enabling digital transformation in various vital sectors in Saudi Arabia by investing in digital infrastructure such as 5G, fiber optics, and data centers. It has also invested in advanced technologies like cloud computing, IoT, and fintech, while enhancing its cybersecurity capabilities. Additionally, stc has strengthened its national strategic partnerships with mega projects in the Kingdom such as NEOM, Diriyah, New Murabba and Red Sea. "This reinforces the group's commitment to enabling the realization of national obj ectives and continues to solidify its position as a key player in the global digital economy," the release added. The group continues to focus on maximizing total shareholders returns as stc's Board of Directors endorsed on August 24 a 37.5% increase in the annual dividend, from SAR1.6 to SAR2.2 per share, starting with Q4 2024. This raises the total annual dividend from SAR8 billion to SAR11 billion over the next three years, "reflecting the group's strong financial position and confidence in sustainable operating cash flows, with the ability to continue expanding, growing, and diversifying investments," said the release.
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