stc, the Saudi telecom firm, posted a big jump in profit to $1.6 billion in the first half of 2022, enabling the company to pay $532 million in dividend.
According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital, of which stc’s share amounted to SR492 million.
“The group’s total investments during the first half of 2022 reached around SR5 billion through strategic partnerships, establishing specialized technology companies, and acquisitions for geographic expansion and diversification,” he added.
The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales, according to a bourse filing.
Revenues hit SR34 billion during the six-month period, up from SR32 billion last year, which was slightly offset by higher cost of revenue and operating expenses.
