stc Group reports highest revenue increase in company

stc Group reports highest revenue increase in company

CEO of stc Group, Olyan Mohammed Alweta

A leading provider of telecommunication services in the middle east announced record profits in Q1 of 2023.

stc Group reported an increase of 7.45% in Q1 of this year, in their preliminary financial results in comparison to the same period last year.

The Saudi based company was one of the first 5G providers in the area. They now boast a presence in 11 countries and a customer base of 170 million.

They reported that revenue for the first quarter reached SAR 18,179 million. Gross profit had also increased by 2.24 per cent too.

 Commenting on the profit increase, CEO of stc Group, Olyan Mohammed Alwetaid, said, “During the first quarter of this year, and in line with the company's ‘DARE 2.0’ strategy, the Group announced the launch of its Corporate Investment Fund (CIF).

“The fund aims to invest in early stages startups in various domains including fintech, cybersecurity, artificial intelligence, Internet of Things, and other promising areas. The launch of the fund comes as a reinforcement of the group's leadership in the digital and innovation fields, and in support of the Kingdom's Vision 2030 to diversify the economy by expanding investment in new sectors and supporting entrepreneurs and startups relevant to the group's strategy, locally, regionally, and globally.”

The company also made its first foray into the European market via TAWAl, its subsidiary company. TAWAL signed an agreement, reported to be valued at over a billion pounds, to acquire the United Group’s tower assets. Stc Group also acquired the Contact Centers Company, the business process outsourcing market leader in the kingdom of Saudi Arabia, with an enterprise value of SAR 450 million.

The company reported record profits in 2022. To read more click here.

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