stc Group exceeds $17bn in FY22 revenues

stc Group exceeds $17bn in FY22 revenues

Olyan Mohammed Alwetaid - stc

stc Group has published its full year 2022 financial results, with revenues for the totalling SAR 67,432 million (US$17.9 billion).

This figure represents a 7.02% increase in revenues, compared to the same period in 2021.

Gross profit for 2022, reached to SAR 37,393 million (US$9.96 billion) representing an increase of 10.65% compared to 2021.

While net profit for the year, reached SAR 12,171 million (US$3.24 billion) an increase of 7.60% on 2021.

Earnings before Interest, Taxes, Zakat, Depreciation and Amortisation (EBITDA) for 2022 totalled SAR 25,079 million (US$6,68 billion) up 9.80% on the previous year.

"2022 was a year of successes and achievements, as the Group delivered on many initiatives and investments that had a positive and clear impact on increasing and diversifying the Group’s revenue through expanding its business in the Kingdom and the region, in addition to entering into promising and new domains," said Olyan Mohammed Alwetaid, CEO of stc Group.

"The Group sought to diversify its investments portfolio by launching a number of companies in the fields of cloud computing, internet of things and digital infrastructure. These investments are in line with the Kingdom’s Vision 2030, which will contribute to strengthening the Kingdom’s position as a main digital hub in the region and the world and will support the Group’s profitability and growth in a sustainable manner, and in line with the Group’s vision and ambitious strategy (DARE 2.0).

stc confirms that it will distribute a total of SAR 1,992.87 million (US$530 million) in cash dividends to the shareholders for the 4th quarter of 2022, representing SAR 0.40 ($0.11) per share.

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