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stc’s reports revenues of SAR 16.9bn for Q2 2022

Olayan Al Wetaid - stc.png

stc has published its second quarter 2022 revenues which totalled SAR 16.939 billion ($4.5 billion), an increase of 6.54% year-on-year (YoY).

Revenues for the period were also up by 7.39% compared to the Q1 of 2022, reaching SAR 33.93 billion ($9 billion).

Gross profit for the quarter reached SAR 9.174 billion ($2.4 billion) and increase of 9.84% YoY. While gross profit for the first half 2022 was SAR 18.324 billion ($4.8 billion) with an increase of 8.37%.

Net profit for Q2 2022 came in at SAR 2.837 billion ($754 million) up by 0.57% compared Q2 of 2021. For the first half of 2022, the net profit totalled SAR 5.872 billion ($1.5 billion), an increase of 1.71%.

Operating profit for the period reached SAR 3.720 billion ($989 million) up 14.46% YoY, while Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) totalled SAR 6.204 billion ($1.6 billion) up 10.25% YoY.

“Among these investments is the establishment of a major digital center for the Middle East and North Africa "MENA HUB” with capital of nearly SAR 4 billion, which will strengthen the Kingdom's position as a significant digital center in the region and the world," said Olayan Mohammed Al Wetaid, group CEO of stc.

"Moreover, a new company in the field of IoT was established in partnership with the Public Investment Fund (PIF) to support IoT technologies in the Kingdom through stc’s reliable digital infrastructure to take advantage of the expected growth and increasing demand for its services and products.

Adapting to the ICT acceleration pace, Solutions by stc (one of the group's subsidiaries) announced its acquisition of 89% of Giza Systems Company and 34% of the remaining share - not owned by it - in its subsidiary, Giza Arabian Systems, to expand and diversify its products and services to meet customers’ demand. This acquisition also enhances Solutions by stc’s position and leadership in enabling digital transformation in the Kingdom and the region."

The company also announced that it will disburse a total of SAR 1.997.5 billion ($531million) in cash dividend to its shareholders for the period. This represents SAR 1 ($0.27) per share.

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