Sector: Telecommunications, Digital Services
Country: Saudi Arabia
Headquartered in Riyadh, Saudi Arabia, stc Group stands as a dynamic and forward-thinking digital enabler, transforming the telecommunications and technology landscape across the Middle East, North Africa, and increasingly, Europe. Since its inception in 1998, stc has evolved beyond traditional telecom services into a fully integrated digital powerhouse, offering fixed-line and mobile services, cloud computing, IoT, cyber- security, digital payments (via stc Bank), e-gaming (stc Play), and digital entertainment (stc TV).
Recognised as the most valuable telecom brand in the Middle East and among the top 10 globally by Brand Finance in 2024, stc’s vision is to enable sustainable growth through a connected, innovative digital world.
The year 2024 was transformative. stc posted record revenues of SAR75.893bn, up 5.7 per cent year-on-year. Gross profit rose 7.4 per cent to SAR37.3bn, while operating profit climbed 9.6 per cent to SAR14.426bn.
Net profit surged 85.7 per cent to SAR 4.689bn, or 13 per cent excluding non-recurring items, demonstrating exceptional financial strength and strategic agility.
Internationally, stc received approval to increase its voting rights in Telefónica to 9.97 per cent and completed the sale of a 51 per cent stake in its tower unit TAWAL to Saudi Arabia’s Public Investment Fund (PIF) in early 2025, forming a new regional telecom infrastructure giant. Meanwhile, stc Bank launched full banking operations in 2025 after evolving from stc Pay, marking a major milestone in the group’s digital financial services journey.
The year’s first quarter continued the growth trajectory with revenues up 1.6 per cent to SAR19.210bn and net profit rising 11.05 per cent to SAR3.649bn.
stc also became the first global telecom operator to achieve SAS-UP license certification to localise eSIM technology, in partnership with Thales. A new agreement with Ooredoo will create a ground fiber network linking Saudi Arabia and Oman.
