RIYADH, SAUDI ARABIA – stc on Monday announced the annual consolidated financial results for the year ending December 31, 2023. stc revenues for the year 2023 reached US$19.28 billion (SAR72,337 million) with an increase of 7.3 percent as compared to 2022.
The growth of revenue was mainly attributed to the increase in commercial unit revenues by 5.1 percent, carriers and wholesale unit revenues by 1.4 percent in stc KSA, and the subsidiaries revenues also increased by 23.9 percent.
Also, gross profit for the year 2023 grew by 1.1 percent as compared to 2022 reaching to US$10 billion (SAR37,804 million).
Additionally, earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the year 2023 reached US$6.5 billion (SAR24,683 million) with a decrease of (1.6 percent) as compared to 2022.
Net profit for the year 2023 increased by 9.2 percent as compared to 2022 reaching to US$3.5 billion (SAR13,295 million).
stc distributes SAR0.40 per share for the fourth quarter of 2023, totaling SAR1,993.80 million.
stc Board of Directors recommended a special SAR1 per share dividends for the year 2023, totaling SAR4,984.50 million.
The total dividends for the year 2023 (after approving the special cash dividends by the General Assembly) will be SAR2.60 per share, which represents 26 percent of the share’s par value.
Commenting on these results, Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, said: “The group’s strong performance during 2023 comes as a clear outcome of implementing the group’s strategy in enabling digital transformation and benefiting from it to enhance stc’s expansion plans.”
