Riyadh – Mubasher: Saudi Telecom Company (stc) posted 85.70% higher net profits at SAR 24.68 billion in 2024, compared to SAR 13.29 billion in 2023.
Revenues climbed by 5.73% year-on-year (YoY) to SAR 75.89 billion as of 31 December 2024 from SAR 71.77 billion, according to the financial results.
The earnings per share (EPS) stood at SAR 4.95 last year, higher than SAR 2.67 in 2023.
Cash Dividends
The board members approved interim cash dividends valued at SAR 2.74 billion for the fourth quarter (Q4) of 2024. The telecom group will disburse SAR 0.55 per share, equivalent to 5.50% of the share’s nominal value, for 4.98 billion eligible shares.
Eligibility and payment dates for the Q4-24 dividends will be 5 and 24 March 2025, respectively.
Additionally, the board recommended special cash dividends amounting to SAR 9.97 billion or SAR 2 per share for 2024.
This aligns with the group’s policy to maximise and enhance investor returns.
Commentary
Olayan Alwetaid, Group CEO of stc, commented on the annual performance: “The group signed a contract, the largest of its kind, valued at SAR 32.64 billion, to build, operate, and provide telecommunications infrastructure services for a government entity.”
“Additionally, stc launched its digital bank after obtaining approval from the Saudi Central Bank (SAMA), marking a significant step in offering innovative financial solutions to support individuals and businesses while advancing the digitization of the financial sector,” Alwetaid noted.
He indicated: “stc also successfully completed all procedures for selling 51% of its stake in TAWAL to the Public Investment Fund (PIF) after obtaining all necessary approvals, this move aligns with the efforts of the group and the PIF to establish a leading company in building and operating telecommunications and IT infrastructure worldwide by merging TAWAL with the PIF's subsidiary, Golden Lattice Investment.”
The CEO also highlighted that stc advanced to become the ninth most valuable telecom brand in the world, with the group’s brand value increasing by 16% to SAR 60.40 billion in 2024.
