stc Group announced its preliminary financial results for the period ending on June 30, 2023.
- Revenues increased during the first half of the year 2023 by 8.17% compared to the same half of the previous year, to reach 36,506 million Saudi riyals.
- Gross profit increased during the first half of the year 2023 by 0.90% compared to the same half of the previous year, to reach 18,488 million Saudi riyals.
- Net profit increased during the first half of the year 2023 by 4.17% compared to the same half of the previous year, to reach 6,117 million Saudi riyals
- The results of the first half of the year 2023 AD do not include the profit from selling the Khobar land.
Commenting on these results, Engineer Olayan bin Muhammad Al-Wateed, CEO of stc Group, indicated that during the past period, and in line with the company’s vision and strategy “DARE 2.0”, which includes expansion in size and scope, stc Group, through “solutions” (one of the group’s subsidiaries), ) has signed a binding offer to acquire 40% of Devoteam Middle East, a leading innovative digital business consultancy. This expansion will enhance stc Group’s capabilities in the information technology sector and enable digital transformation through an integrated system of subsidiaries specialized in digital infrastructure, the Internet of Things, cloud computing, cybersecurity, digital financial services, business outsourcing services, and others.
Based on the group’s role as a leading digital enabler in the Kingdom and the region, “center3” (a subsidiary of the group) announced the arrival of the world’s longest submarine cable “2Africa” to the city of Jeddah and Yanbu, to reach the city of Duba later this year and to Al-Khobar city during the year 2024 AD. This cable is one of the longest submarine cables in the world and this project will connect 33 countries across three continents: Africa, Asia and Europe. “center3” also signed a strategic agreement with “Huawei” to establish a cloud region in the Kingdom, which will provide advanced and secure cloud services at the highest levels to provide data hosting services to meet the growing demand for cloud services. “center3” has also increased the capacity of its data center in Riyadh by 9.6 megawatts. This expansion aims to improve and increase the capacity of data hosting services provided by “center3” to its customers, thus contributing to strengthening the Kingdom’s position as a regional digital hub.
As part of the group’s endeavor to support entrepreneurship, enable innovation in the Kingdom, and contribute to the promotion of the digital economy in technical fields, stc Group announced that the value of investments obtained by the entrepreneurs participating in the inspireU accelerator has reached more than 700 million Saudi riyals. Since its launch, the inspireU accelerator has succeeded in enabling more than 90 emerging digital projects in various fields; The market value of investments and financial transactions for project products incubated by the program amounted to more than 12 billion Saudi riyals. In addition, more than 40 million users benefited from inspireU’s entrepreneurial projects, which provided more than 600,000 job opportunities, which confirms stc’s contribution to promoting the digital economy, creating job opportunities, and supporting local content by transforming entrepreneurs’ ideas into successful projects.
Finally, we at stc are proud of the group’s pioneering role in enabling digital transformation in the Kingdom and the region, as the group continues its endeavor to expand the scope of its digital services, provide technical solutions and provide world-class communications services to serve local and regional communities and in line with our “DARE 2.0” strategy, which is what It raises the level of our aspirations to continue our investments and expand the scope of work to provide the best and latest technologies within its digital system to contribute to achieving the goals of the Kingdom’s Vision “2030”.Excerpt from stc’s Press Release
stc noted that the results of the first half of the year 2023 AD do not include the profit from the sale of Khobar land, which was announced to be completed on July 10 of this year