The Clap
Saudi Telecom Company (STC) (7010) has recorded the highest annual revenues in its history, totaling SAR 72.3 billion during 2023.
This is compared to SAR 67.4 billion in 2022.
What
The company’s “record revenues” are attributed to an increase in customer revenues, as well as an increase in revenues from the carriers and operators unit.
In addition to the growth in revenues from subsidiary companies.
So What
The net profits of the Saudi telecommunications giant jumped by about 9% on an annual basis last year, reaching SAR 13.3 billion.
This is due to its high revenues and continued investment in new areas.
Meanwhile, STC’s net profits in the fourth quarter declined by approximately 18% on an annual basis, to SAR 2.3 billion.
Now What
Board of Directors has decided to distribute dividends to the company’s shareholders for the previous year’s fourth quarter, totaling approximately SAR 1.99 billion (0.4 SAR per share).
It also recommended the payment of SAR 1 as additional cash dividends to shareholders for the year 2023, totaling SAR 4.98 billion.
The distributed profits for the past year will amount to SAR 2.6 per share, a 60% increase from what was distributed in 2022.
