Saudi Telecom Company reported record revenues of almost $18bn last year.
In a statement, the largest mobile operator in Saudi Arabia also said it had seen an increase of more than 7 per cent in revenue compared to the year before and had seen growth across sectors.
For the first time ever, stc Group exceeded $17.98bn with income of SR67.432bn.
Saudi Telecom Company records
Net profit for the year 2022 reached to SR12.171bn ($3.2bn), an increase of 7.6% as compared to the year before.
Olyan Mohammed Alwetaid, stc Group CEO, said that 2022 was a year of successes and achievements, as the group delivered on many initiatives and investments that had a positive and clear impact on increasing and diversifying revenue through expanding its business.
Last year stc diversified its investments portfolio by launching businesses in the fields of cloud computing, internet of things and digital infrastructure.
These investments are in line with the Kingdom’s Vision 2030, which will contribute to strengthening Saudi Arabia’s position as a digital hub.
Alwetaid added that stc’s recent capital increase is considered one of the largest capital increases in the Saudi stock market.
The stc Group also announced an additional $300m on top of its original $500m investment in STV, the largest independent technology investment firm in the MENA region.
As a continuation of stc’s leadership, the group has succeeded in maintaining the first rank as the most valuable brand in the Middle East in the telecommunication sector for the third year in a row, according to Brand Finance’s Global 500 2023 report.
Over the past five years, the brand’s value has increased by almost twofold, from $6.2bn in 2017 to $12.3bn in 2022.
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