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June 20, 2024
Egypt Bulletin
Business

Profits of Saudi telecom giant stc rise 3 percent to $3 billion in 2021

The Saudi telecom giant stc has posted a 3 percent increase in net profit for 2021, up to SR11.3 billion ($3 billion). A 7.6 percent increase in revenues led to a SR316 million increase in net profit, the Riyadh-based telecom operator said in a statement. Revenues during the year totaled SR63.4 billion, up from SR58.9 billion in 2020.

Profits of Saudi telecom giant stc rise 3 percent to  billion in 2021

Olayan Alwetaid, stc’s chief executive officer, said that this growth was driven by the strong performance of the enterprise business unit, which grew revenues by 20.9 percent. The wholesale business and residential segments both saw a boost in sales of 2.9 and 10.5 percent, respectively.

Subscription growth also boosted the telecom operator’s performance, according to Alwetaid, who noted how its subsidiaries contributed to the company’s strong financial results. STC will distribute SR1.99 billion in dividends, or SR1 per share, for the fourth quarter of 2021.

The company, citing Brand Finance data, said it had surpassed its rivals in the region for the second year in a row to be named the most valuable brand in telecom. Over the past two years, the brand’s value grew by 31 percent, reaching $10.6 billion in 2021, making it the region’s fastest-growing brand.

A statement revealed the firm’s Kuwait division had inked a six-year financing agreement with the National Bank of Kuwait worth 500 million Kuwaiti dinars ($165 million). In accordance with the statement, the facility type is classified as an Islamic Tawaroq. Funds will be used to finance the company’s capital expenditure activities and future expansion plans.

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