Riyadh – Mubasher: Saudi Telecom Company (stc) recorded the highest semi-annual revenues in its history at SAR 36.50 billion during the first half (H1) of 2023, up 8.17% from SAR 33.74 billion in H1-22.

The firm logged net profits after Zakat and tax worth SAR 6.11 billion in H1-23, higher by 4.17% year-on-year (YoY) than SAR 5.87 billion, according to the interim consolidated financial results.

Earnings per share (EPS) increased to SAR 1.23 as of 30 June 2023 from SAR 1.18 a year earlier.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, the Saudi-listed firm achieved SAR 3 billion in net profit after Zakat and tax, marking an annual rise of 6.03% from SAR 2.83 billion.

The revenues stood at SAR 18.32 billion in April-June 2023, an 8.89% YoY growth from SAR 16.83 billion.

On a quarterly basis, the Q2-23 net profits declined by 3.25% from SAR 3.10 billion in Q1-23, while the revenues went up by 0.81% from SAR 18.17 billion.

Olayan Mohammed Alwetaid, Group CEO of stc, highlighted that in line with the company’s vision and strategy “DARE 2.0”, stc group, through its subsidiary solutions, signed a binding offer to acquire 40% of Devoteam Middle East.

Alwetaid said: “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, internet of things, cloud computing, cybersecurity, digital financial services, business outsourcing services, and others.”

Dividends for Q2-23

The telecom group announced interim cash dividends amounting to SAR 1.99 billion, representing 4% of the capital, for Q2-23.

In accordance with its dividend policy, the company will distribute SAR 0.40 per share for 4.98 billion eligible shares.

Eligibility and disbursement dates for the dividends will be 3 and 23 August 2023, respectively.