RIYADH, SAUDI ARABIA – stc on Monday announced the company’s preliminary financial results for the nine month period ending September 30 2023. Revenues reached US$14.5 billion (SAR54,612 million) with an increase of 9.1 as compared to the corresponding period last year.
Gross profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent as compared to the same period last year.
Earnings before Interest, taxes, zakat, depreciation and amortization (EBITDA) for the period reached US$5 billion (SAR19,116 million) with a decrease of 2.35 percent as compared to the same period last year.
stc will distribute a total of US$531 million (SAR1,993.8 million) in cash dividends to the shareholders for the third quarter of 2023.
Group CEO of stc Eng. Olayan Alwetaid said that the results and performance for the three-month and nine-month periods were excellent and in line with our expectations, which were achieved as a result of the group’s commitment to its “Dare 2.0” strategy and its operational and financial plans.
The group CEO said that during the third quarter of this year, stc group acquired a 9.9 percent stake in Telefonica Group for US$2.2 billion (SAR8.5 billion).
Telefonica is one of the largest telecommunications companies in the world with presence in Spain, Germany, Britain and Brazil.
This investment aims to strengthen the cooperation between the two companies to benefit from all available opportunities in the future.
This investment also aligns with the group’s ambitious expansion and sustainable growth strategy, which has resulted in numerous investments in the ICT sector whether locally or internationally.
The most recent was the acquisition deal of the group’s subsidiary “Tawal” of United Group’s towers in Bulgaria, Croatia and Slovenia, which recently announced the completion of the acquisition and the official start of its operations.