stc projects boosted Q4 2022 revenues: CEO

Olayan Alwetaid, stc Group CEO

Olayan Alwetaid, stc Group CEO, said 2022 was a year of successes and achievements, as the group delivered on many initiatives and investments that had a positive and clear impact on increasing and diversifying its revenue through domestic expansions and foray into promising and new domains.

The telco sought to diversify its investments portfolio by launching a number of subsidiaries in the fields of cloud computing, internet of things and digital infrastructure, Alwetaid said in a statement.

"These investments are in line with Vision 2030, which will contribute to strengthening the Kingdom’s position as a main digital hub in the region and the world, and will support the group’s profitability and growth in a sustainable manner, and in line with its vision and ambitious strategy – DARE 2.0," the CEO said.

He added that stc’s recent capital hike is one of the largest capital increases in the Saudi stock market. This will help the group achieve its strategy that is aimed at expansion and growth, along with maximizing returns for shareholders, by increasing and diversifying investments and seizing the expected growth opportunities in the local and regional communication and information technology (CIT) sector.

"Lastly, we are in stc as the leading digital enabler in the Kingdom and the region and due to the infinite support provided to the CIT sector by the Saudi government will continue to achieve our ambitious strategy (DARE 2.0)," the CEO said.

He added that the telecom operator seeks to enable the digital transformation in various sectors and grow in new paths.

stc's diversified investments reflect the telco's commitment to its strategy and aspiration to create an integrated digital system to enrich its customers’ experience and contribute to achieving Vision 2030 goals, Alwetaid concluded.

stc reported a net profit after Zakat and tax of SAR 12.2 billion for 2022, a rise of 8% from SAR 11.3 billion in 2021. The fourth-quarter net profit grew 6% to SAR 2.8 billion from SAR 2.6 billion in Q4 2021, according to data available with Argaam.