Riyadh – Mubasher: The net profit of Saudi Telecom Company (stc) grew 5.69% year-on-year (YoY) to SAR 3.28 billion in the first quarter (Q1) of 2024 from SAR 3.10 billion.

Revenues rose by 5.06% YoY to SAR 19.10 billion in Q1-24 from SAR 18.17 billion, according to the interim condensed consolidated financial results.

The earnings per share (EPS) hit SAR 0.66 in the three-month period that ended on 31 March 2024, up from SAR 0.62 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit soared 44.50% in Q1-24 from SAR 2.27 billion in Q4-23, while the revenues declined by 7.76% from SAR 17.72 billion.

Cash Dividends

stc announced the distribution of SAR 1.99 billion, or SAR 0.40 per share, in cash dividends for Q1-24.

The payment date is 10 June 2024 and the eligibility date is 21 May.

Olayan Mohammed Alwetaid, Group CEO of stc, said: “stc Group concluded many agreements during the first quarter, and the most prominent of these agreements was its signing of an agreement with China Mobile International during the (MWC) conference held in Barcelona.”

“During the LEAP 2024 conference, the group concluded many strategic partnerships and agreements with international companies, including Huawei, Ericsson, and Samsung, as all of these partnerships aim to enhance innovation and accelerate the pace of digital transformation in the region,” Alwetaid added.

He concluded: “We are proud of the achievements, contributions and initiatives that the group has undertaken to this day, and we are determined to be committed to being a vital tributary to the national economy, and a major enabler of digital transformation in various fields and sectors.”

stc posted a net profit of SAR 13.29 billion in 2023, up 9.23% YoY from SAR 12.17 billion.