Riyadh, Saudi Arabia – Saudi Telecom Company (STC) recorded highest ever revenue of SAR 36,506 million ($9,734 million) during the first half of 2023, marking an impressive 8.17 percent increase compared to the same period last year.
The company’s gross profit reached SAR 18,488 million ($4,929 million) for the first half of 2023, representing a growth of 0.90% year-on-year. The net profit surged to SAR 6,117 million ($1,625 million), registering a growth of 4.17 percent compared to the corresponding period last year.
The results do not encompass profits from land sales.
The positive financial outcomes have paved the way for STC to declare dividends for the second quarter of 2023. The STC will distribute a total of SAR 1,993.79 million ($531.89 million) in cash dividends to its shareholders. Each share will receive SAR 0.40 ($0.11) as a dividend amount.
The total number of treasury shares related to the Employees Stock Incentives Plan stood at 15,526,653 shares as of the end of the second quarter of 2023. These shares will not be eligible for any dividends distribution in accordance with the approved policy.
To qualify for the dividends, shareholders must retain their shares in STC until the close of trading on Thursday, August 3, 2023. The dividend distribution date has been scheduled for Wednesday, August 23, 2023.
