Latest news with #stcGroup
Economy ME
2 days ago
- Business
- Economy ME
stc Group: Sustainable growth, cost-efficiency program drive surge in net profit to $2 billion in H1 2025
stc Group recently announced its financial results for the first half of 2025, achieving a 13.38 percent annual increase in net profit to SAR7.47 billion ($1.99 billion). The group attributed this remarkable performance to sustainable growth and its cost-efficiency program. Eng. Olayan Alwetaid , CEO of stc Group, said the group continued to deliver excellent performance through its commitment to its strategy and success in capitalizing on available opportunities within the ICT sector. He also noted that the focus on financial discipline and improving the efficiency of capital management were key factors in supporting business stability, enhancing the group's readiness to adapt to changes, and expanding into future growth avenues with confidence and sustainability. Revenues rise 2.09 percent to SAR38.66 billion During the first half of 2025, stc Group achieved revenue growth of 2.09 percent to SAR38.66 billion. Meanwhile, gross profit grew 6.61 percent year-on-year to SAR18.65 billion. Additionally, the cost-efficiency program contributed effectively to enhancing operational and financial efficiency, which positively impacted the company's performance, resulting in EBITDA growth of 6.1 percent with an increase in EBITDA margin by 3.9 percent to reach 31.8 percent. stc Group also revealed that its operating profit for H1 2025 reached SAR7.207 billion, up 2.28 percent compared to the same period last year. Alwetaid noted that the growing demand for the group's services is a testament to the community's trust in the efficiency of its digital solutions. This was demonstrated by the number of STC Bank customers surpassing 3 million within a short period since its launch at the beginning of 2025, reflecting the accelerated growth in the adoption of digital banking services and embodying the group's growing role in developing the financial services sector. stc provides record internet speeds serving more than 1.6 million pilgrims The CEO of stc Group also reflected on the successful Hajj season , where stc deployed the latest technologies and digital solutions, including advanced AI solutions, to facilitate Hajj rituals and enhance the quality of services provided to pilgrims. During the season, the group provided record internet speeds serving more than 1.6 million pilgrims and provided services to 1.49 million stc network users, which led to exceptional results, as stc's network recorded the highest traffic hour in its history in Muzdalifah, with a 64 percent increase in data usage and a 129 percent surge in 5G network traffic compared to the previous year. Meanwhile, the user experience index rose by 25 percent, underscoring the network's ability to support one of the world's most significant mass crowd movements. First operator in the region to commercially activate low-frequency spectrum As part of its efforts to expand coverage and provide high-speed connectivity in both urban and remote areas to bridge the digital divide and ensure the delivery of reliable high-quality communication services, stc's 5G network now covers more than 9,500 sites across the Kingdom. The group has also continued to enhance its network technically by activating the low-frequency spectrum (600 MHz – N71) recently acquired, becoming the first operator in the region to activate this band commercially. This enables users in peripheral areas to access advanced communication services and high-speed connections, thanks to its superior coverage and penetration capabilities. In addition, stc Group has adopted the 5G standalone technology, which allows full utilization of advanced 5G features such as reduced latency and customized service quality through network slicing. This marks a pivotal step in enabling many vital sectors and strengthening the Kingdom's position in adopting and developing cutting-edge global technologies. Group inks strategic agreements to accelerate digital transformation In line with its commitment to maintaining its leadership in the fields of telecommunications and information technology, stc Group signed several strategic agreements over the past period. In the field of cloud computing, the group signed a partnership agreement with Oracle for a value of more than SAR2 billion, aimed at accelerating digital transformation across the Kingdom through the development of advanced AI-powered cloud infrastructure and the provision of sovereign cloud solutions via the Oracle Alloy platform, hosted at center3's data centers. Additionally, stc signed a strategic partnership with Singtel Group to collaborate across several areas, including digital platform integration, developing human capabilities, IoT solutions and expansion of subsea cable systems. These partnerships contribute to strengthening stc Group's position as a comprehensive digital provider across the region. Read: stc Group expands Saudi Arabia's 5G network to over 9,500 sites, enhances connectivity during 1446 AH Hajj season stc's ESG rating rises to 'A' Finally, stc Group released its sixth Sustainability Report for the year 2024, which showcases the progress made across sustainability, environmental and social responsibility, and governance. The report also highlights the group's efforts to enhance environmental performance and human capital development through digital innovation and upholding the principles of effective governance and ethical excellence. In recognition of these efforts, stc's ESG rating was upgraded from 'BBB' to 'A' in the latest MSCI ratings, reflecting the group's commitment to adopting the highest local and international sustainability standards and practices. These initiatives reaffirm sct Group's role as a key enabler of the national economy by supporting job creation, business growth, talent and skill enhancement, community well-being and the advancement of digital infrastructure. stc Group remains committed to advancing its sustainability efforts and continuing to maximize its positive impact on society, the environment and the economy by adopting sustainability principles across its various business areas.
Zawya
3 days ago
- Business
- Zawya
Stc Group achieved a net profit of one million riyals, a 13.38% increase for the six-month period compared to the same period last year
Riyadh, Kingdom of Saudi Arabia - stc today announced the company's preliminary financial results for the period ending at 30 June 2025: Revenues for the 6 months period of 2025 reached 38,660 million with an increase of 2.09% as compared to the comparable period last year. Gross Profit for the 6 months period of 2025 reached 18,658 million with an increase of 6.61% as compared to the comparable period last year. Operating Profit for the 6 months period of 2025 reached 7,207 million with an increase of 2.28% as compared to the comparable period last year. Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the 6 months period of 2025 reached 12,289 million with an increase of 6.10% as compared to the comparable period last year. Net Profit for the 6 months period of 2025 reached 7,472 million with an increase of 13.38% as compared to the comparable period last year. stc distributes 0.55 per share for the 2nd quarter of 2025, in accordance with the dividends distribution policy approved by General Assembly. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, stated that the Group continued to deliver excellent performance through its commitment to its strategy and success in capitalizing on available opportunities within the ICT sector. He pointed out that the focus on financial discipline and improving the efficiency of capital management were key factors in supporting business stability, enhancing the Group's readiness to adapt to changes, and expanding into future growth avenues with confidence and sustainability. This was reflected in the Group's financial performance, as stc achieved revenue growth of 2.1% during the first six months of the year, and an increase in gross profit by 6.6%, compared to the same period last year. Additionally, the Cost Efficiency Program contributed effectively to enhancing operational and financial efficiency, which positively impacted the company's performance, resulting in EBITDA growth of 6.1% with an increase in EBITDA margin by 3.9% to reach 31.8%, which in turn led to a notable increase in net profit by 13.4%, reaching 7.5 billion. The GCEO also emphasized that the growing demand for the Group's services is a testament to the community's trust in the efficiency of its digital solutions. This was demonstrated by the number of STC Bank customers surpassing three million within a short period since its launch at the beginning of 2025, reflecting the accelerated growth in the adoption of digital banking services and embodying the Group's growing role in developing the financial services sector. Furthermore, the GCEO praised the tremendous efforts made by the Kingdom to provide a safe and comfortable environment for pilgrims and its continuous dedication to facilitating Hajj rituals and enhancing the quality of services provided to pilgrims. He also affirmed stc Group's dedication to contributing to the success of the Hajj season through the deployment of the latest technologies and digital solutions, including advanced AI solutions, which the Group implemented to boost network efficiency within the holy sites. During the season, the Group provided record internet speeds serving more than 1.6 million pilgrims and provided services to 1.49 million stc network users, which led to exceptional results, as stc's network recorded the highest traffic hour in its history in Muzdalifah, with a 64% increase in data usage and a 129% surge in 5G network traffic compared to the previous year. Meanwhile, the user experience index rose by 25%, underscoring the network's ability to support one of the world's most significant mass crowd movements. As part of its efforts to expand coverage and provide high-speed connectivity in both urban and remote areas to bridge the digital divide and ensure the delivery of reliable high-quality communication services, stc's 5G network now covers more than 9,500 sites across the Kingdom. The Group has also continued to enhance its network technically by activating the low-frequency spectrum (600 MHz – N71) recently acquired, becoming the first operator in the region to activate this band commercially. This enables users in peripheral areas to access advanced communication services and high-speed connections, thanks to its superior coverage and penetration capabilities. In addition, stc has adopted the 5G standalone technology, which allows full utilization of advanced 5G features such as reduced latency and customized service quality through network slicing. This marks a pivotal step in enabling many vital sectors and strengthening the Kingdom's position in adopting and developing cutting-edge global technologies. In line with its commitment to maintaining its leadership in the fields of telecommunications and information technology, stc Group signed several strategic agreements over the past period. In the field of cloud computing, the Group signed a partnership agreement with Oracle for a value of more than 2 billion, aimed at accelerating digital transformation across the Kingdom, through the development of advanced AI-powered cloud infrastructure and the provision of sovereign cloud solutions via the Oracle Alloy platform, hosted at center3's data centers. Additionally, stc signed a strategic partnership with Singtel Group to collaborate across several areas, including digital platform integration, developing human capabilities, IoT solutions and expansion of subsea cable systems. These partnerships contribute to strengthening stc's position as a comprehensive digital provider across the region. Finally, stc Group released its sixth Sustainability Report for the year 2024, which showcases the progress made across sustainability, environmental and social responsibility, and governance. The report also highlights the Group's efforts to enhance environmental performance and human capital development through digital innovation and upholding the principles of effective governance and ethical excellence. In recognition of these efforts, stc's ESG rating was upgraded from 'BBB' to 'A' in the latest MSCI ratings, reflecting the Group's commitment to adopting the highest local and international sustainability standards and practices. These initiatives reaffirm the Group's role as a key enabler of the national economy by supporting job creation, business growth, talent and skill enhancement, community well-being and the advancement of digital infrastructure. stc Group remains committed to advancing its sustainability efforts and continuing to maximize its positive impact on society, the environment and the economy by adopting sustainability principles across its various business areas.
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
stc Group achieved a net profit of one million riyals, a 13.38% increase for the six-month period compared to the same period last year
stc announced on Sunday the company's preliminary financial results for the period ending at 30 June 2025: Revenues for the 6 months period of 202 5 reached 38,660 million with an increase of 2.09 % as compared to the comparable period last year . months period of 202 reached million with an increase of % as compared to the comparable period last year Gross Profit for the 6 months period of 202 5 reached 18,658 million with an increase of 6.61% as compared to the comparable period last year . months period of 202 reached million with an increase of 6.61% as compared to the comparable period last year Operating Profit for the 6 months period of 202 5 reached 7,207 million with an increase of 2.28% as compared to the comparable period last year . the months period of 202 reached million with an increase of 2.28% as compared to the comparable period last year Earnings before Interest, Taxes, Zakat, Depreciation and Amortization (EBITDA) for the 6 months period of 202 5 reached 12,289 million with an increase of 6.10% as compared to the comparable period last year . months period of 202 reached million with an increase of 6.10% as compared to the comparable period last year Net Profit for the 6 months period of 202 5 reached 7,472 million with an increase of 13.38% as compared to the comparable period last year . months period of 202 reached million with an increase of 13.38% as compared to the comparable period last year stc distributes nd quarter of 2025, in accordance with the dividends distribution policy approved by General Assembly. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, stated that the Group continued to deliver excellent performance through its commitment to its strategy and success in capitalizing on available opportunities within the ICT sector. He pointed out that the focus on financial discipline and improving the efficiency of capital management were key factors in supporting business stability, enhancing the Group's readiness to adapt to changes, and expanding into future growth avenues with confidence and sustainability. This was reflected in the Group's financial performance, as stc achieved revenue growth of 2.1% during the first six months of the year, and an increase in gross profit by 6.6%, compared to the same period last year. Additionally, the Cost Efficiency Program contributed effectively to enhancing operational and financial efficiency, which positively impacted the company's performance, resulting in EBITDA growth of 6.1% with an increase in EBITDA margin by 3.9% to reach 31.8%, which in turn led to a notable increase in net profit by 13.4%, reaching7.5 GCEO also emphasized that the growing demand for the Group's services is a testament to the community's trust in the efficiency of its digital solutions. This was demonstrated by the number of STC Bank customers surpassing three million within a short period since its launch at the beginning of 2025, reflecting the accelerated growth in the adoption of digital banking services and embodying the Group's growing role in developing the financial services the GCEO praised the tremendous efforts made by the Kingdom to provide a safe and comfortable environment for pilgrims and its continuous dedication to facilitating Hajj rituals and enhancing the quality of services provided to pilgrims. He also affirmed stc Group's dedication to contributing to the success of the Hajj season through the deployment of the latest technologies and digital solutions, including advanced AI solutions, which the Group implemented to boost network efficiency within the holy sites. During the season, the Group provided record internet speeds serving more than 1.6 million pilgrims and provided services to 1.49 million stc network users, which led to exceptional results, as stc's network recorded the highest traffic hour in its history in Muzdalifah, with a 64% increase in data usage and a 129% surge in 5G network traffic compared to the previous year. Meanwhile, the user experience index rose by 25%, underscoring the network's ability to support one of the world's most significant mass crowd part of its efforts to expand coverage and provide high-speed connectivity in both urban and remote areas to bridge the digital divide and ensure the delivery of reliable high-quality communication services, stc's 5G network now covers more than 9,500 sites across the Kingdom. The Group has also continued to enhance its network technically by activating the low-frequency spectrum (600 MHz – N71) recently acquired, becoming the first operator in the region to activate this band commercially. This enables users in peripheral areas to access advanced communication services and high-speed connections, thanks to its superior coverage and penetration capabilities. In addition, stc has adopted the 5G standalone technology, which allows full utilization of advanced 5G features such as reduced latency and customized service quality through network slicing. This marks a pivotal step in enabling many vital sectors and strengthening the Kingdom's position in adopting and developing cutting-edge global line with its commitment to maintaining its leadership in the fields of telecommunications and information technology, stc Group signed several strategic agreements over the past period. In the field of cloud computing, the Group signed a partnership agreement with Oracle for a value of more than2 billion, aimed at accelerating digital transformation across the Kingdom, through the development of advanced AI-powered cloud infrastructure and the provision of sovereign cloud solutions via the Oracle Alloy platform, hosted at center3's data centers. Additionally, stc signed a strategic partnership with Singtel Group to collaborate across several areas, including digital platform integration, developing human capabilities, IoT solutions and expansion of subsea cable systems. These partnerships contribute to strengthening stc's position as a comprehensive digital provider across the stc Group released its sixth Sustainability Report for the year 2024, which showcases the progress made across sustainability, environmental and social responsibility, and governance. The report also highlights the Group's efforts to enhance environmental performance and human capital development through digital innovation and upholding the principles of effective governance and ethical excellence. In recognition of these efforts, stc's ESG rating was upgraded from 'BBB' to 'A' in the latest MSCI ratings, reflecting the Group's commitment to adopting the highest local and international sustainability standards and practices. These initiatives reaffirm the Group's role as a key enabler of the national economy by supporting job creation, business growth, talent and skill enhancement, community well-being and the advancement of digital infrastructure. stc Group remains committed to advancing its sustainability efforts and continuing to maximize its positive impact on society, the environment and the economy by adopting sustainability principles across its various business areas.
Al Bawaba
20-07-2025
- Business
- Al Bawaba
stc sponsors ‘Sayef Expo', the specialized summer exhibition at 360 Mall
Kuwait Telecommunications Company (stc) is a Kuwaiti shareholding company incorporated pursuant to Amiri Decree No. 187 on 22 July, 2008, to operate and manage the third GSM mobile network in Kuwait as per Law No. 2 of 2007. Accordingly, stc launched its operations in December 2008 and was listed on Boursa Kuwait in December 2014. It is a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, and is a subsidiary of stc Group. stc has rapidly reached a leadership stance in the market through its customer and employee centric strategy. stc offers an innovative range of world-class products, services and solutions with high quality, that cater to the customers' needs and demands, both for individuals and enterprises (solutions by stc). In 2019, stc acquired 100% of the share capital of the Internet Service Provider, Qualitynet General Trading and Contracting Company (solutions by stc) in Kuwait. stc offers high internet speeds due to the implementation of the most advanced 5G network and deployment of the largest network nationwide.
Leaders
11-07-2025
- Business
- Leaders
GASTAT, stc Group Sign Agreement to Broaden Statistical Data Sources
The General Authority for Statistics (GASTAT) has signed a memorandum of cooperation with stc Group to boost collaboration and coordinate efforts in diversifying and strengthening statistical data sources. The agreement aims to foster integration between the two entities, enabling them to achieve shared objectives and exchange expertise in their respective domains. The signing ceremony was attended by GASTAT President Fahad Al-Dossari and stc Group CEO Olayan Alwetaid. This partnership is part of GASTAT's broader initiative to build ties with public and private sector organizations to improve the availability and quality of statistical data and indicators. It also supports the adoption of advanced technologies to enhance service delivery. The memorandum aligns with Saudi Arabia's digital transformation goals, contributing to the national economy and sustainable development in line with Saudi Vision 2030. Related Topics : Saudi STC Launches Major Lending Push Backed by Western Union GASTAT Reports 13.4% Growth in Non-Oil Exports in Q1 2025, 10.7% Increase in March Saudi Arabia Welcomes Foreign Real Estate Investors Outside Holy Cities All You Need to Know about Hajj Rituals: A Step-by-Step Guide Short link : Post Views: 8 Related Stories
