stc Group Reports Record Revenues for Q3 2023 and Announces Dividend Distribution

stc Group achieves SAR 54.61 billion in revenues, declares SAR 0.40 per share dividends for Q3 2023.

stc Group, a leading telecommunications company, has reported its highest-ever revenues for the nine-month period ending September 30, 2023, reaching SAR 54.61 billion, reflecting a notable increase of 9.10%. Additionally, the company has declared a distribution of SAR 0.40 per share in dividends for the third quarter of 2023.

This dividend distribution aligns with stc Group’s established policy, which was ratified during the Ordinary General Assembly Meeting on November 30, 2021, and further amended during the Extraordinary General Assembly Meeting on August 30, 2022. As per this policy, stc will distribute SAR 0.40 per share per quarter, totaling SAR 1,993.80 million in cash dividends for the third quarter of 2023. It’s important to note that shares related to the Employees Stock Incentives Plan, numbering 15,493,743 shares as of the end of the third quarter 2023, are not eligible for dividend distribution. Shareholders eligible for dividends will be determined based on trading as of November 5, 2023, and registered shareholders in stc’s shareholders registry in the Depository Center at the close of the second trading day following the eligibility date. The dividend distribution date is scheduled for November 23, 2023.

Eng. Olayan Alwetaid, stc Group CEO, expressed satisfaction with the group’s performance, stating that the results for both the three-month and nine-month periods were outstanding and met their expectations. These achievements are attributed to the group’s steadfast adherence to its “Dare 2.0” strategy and its effective operational and financial planning. During the third quarter of 2023, stc Group successfully acquired a 9.9% stake in Telefonica Group for SAR 8.5 billion. Telefonica, a global telecommunications powerhouse with a presence in major markets including Spain, Germany, Britain, and Brazil, presents significant opportunities for collaboration. This strategic investment complements stc Group’s ambitious expansion and sustainable growth strategy, evident in its recent acquisition of United Group’s towers in Bulgaria, Croatia, and Slovenia through its subsidiary “Tawal”.

In line with its commitment to digital transformation, stc Group subsidiary “iot Squared” has inked a binding agreement to acquire “Machinestalk”, one of Saudi Arabia’s largest companies specializing in the Internet of Things. This acquisition underscores the group’s leadership in adopting advanced digital technologies and driving regional digital transformation. It also positions stc Group to meet the escalating demand for Internet of Things technologies and expand its comprehensive service offerings in this burgeoning market.

As part of its broader vision to spearhead the digital landscape in Saudi Arabia, stc Group subsidiary “sirar by stc” secured the top spot in the Middle East and North Africa, and the eleventh place globally among the top 250 providers of cybersecurity services in the “MSSP Alert” list. This recognition reflects the company’s commendable growth and unwavering commitment to delivering cybersecurity services in line with the highest global standards, further solidifying its position in the industry.

Moreover, stc Group has signed a memorandum of understanding (MoU) and agreement with Roshn group, a prominent real estate developer and a key project of the Public Investment Fund. This partnership encompasses the deployment of 5G network towers, smart homes and cities solutions, and the integration of Big Data and Internet of Things (IoT) technologies. These initiatives aim to enhance communication efficiency and elevate the quality of life for residents and visitors in Roshn’s communities, aligning with the goals of Saudi Vision 2030.

In conclusion, stc Group remains committed to its mission of continuous development and leadership in the digital and communications sector. Through strategic investments, partnerships, and agreements, stc is poised to not only play a pivotal role in the digital transformation of Saudi Arabia but also make a significant impact on the global stage. This endeavor aligns closely with the pillars of its “DARE 2.0” strategy and supports the overarching goals of Saudi Vision 2030.

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