Profits at Saudi Telecom Company (STC) rose in the first quarter of this year, pushing the share price of the kingdom’s biggest telecoms operator to a yearly high.
Net profit rose 11 percent year on year to SAR3.6 billion ($973 million) in the first three months of 2025.
Revenues for the quarter rose 2 percent to SAR19 billion.
In a separate filing to the Saudi stock exchange, the company said it would distribute cash dividends of SAR0.55 per share, or 5.5 percent of the capital, for the first quarter of 2025.
On Monday, shares of STC, which is 64 percent owned by the Public Investment Fund, rose to SAR48.30 on the Saudi stock exchange, a 52-week high, before pairing gains to trade at SAR48.10.
In January, STC won a SAR32.6 billion contract to develop new telecommunications infrastructure in the kingdom from an unknown government entity.
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STC, which has a market capitalisation of nearly $60 billion, also started a bank called STC Bank, which in January received authorisation from the Saudi Central Bank (Sama).
In November, Saudi Arabia’s Public Investment Fund sold a $1 billion stake in STC in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending.
SOurce:https://www.agbi.com/telecoms/2025/04/stc-profit-and-revenue-rise-in-first-quarter/