Riyadh: STC Group announced its highest-ever six-month revenues, reaching SAR38.66 billion. Net profit for the six-month period increased by 13.38% compared to the same period last year, reaching SAR7.472 billion. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also rose by 6.10% over the same period to SAR12.289 billion.
According to Saudi Press Agency, CEO of stc Group Eng. Olayan Alwetaid stated that the group continued to deliver strong performance by adhering to its strategy and leveraging opportunities in the ICT sector. He noted that financial discipline and efficient capital management were key drivers of business stability, adaptability, and confident expansion into future growth areas. This was reflected in the group's financial performance, with a 2.1% increase in revenue and a 6.6% rise in gross profit during the first six months of the year compared to the same period last year.
The group's Cost Efficiency Program also contributed significantly to enhancing operational and financial performance, resulting in EBITDA growth of 6.1% and an increase in the EBITDA margin by 3.9 percentage points to 31.8%, which in turn led to a notable increase in net profit. The GCEO highlighted the rising demand for the group's services as a testament to public trust in its digital solutions. This was exemplified by STC Bank surpassing three million customers in a short period since its launch at the beginning of 2025, reflecting the growing adoption of digital banking services and stc's expanding role in advancing the financial services sector.
In line with its commitment to maintaining leadership in telecommunications and IT, stc Group signed several strategic agreements in recent months. In the field of cloud computing, the group entered into a partnership with Oracle valued at over SAR2 billion to accelerate digital transformation across the Kingdom. The agreement aims to develop advanced AI-powered cloud infrastructure and provide sovereign cloud solutions via the Oracle Alloy platform, hosted at center3's data centers.
Additionally, stc Group released its sixth Sustainability Report for 2024, highlighting progress in sustainability, environmental and social responsibility, and governance. The report detailed the Group's efforts to improve environmental performance, develop human capital through digital innovation, and uphold effective governance and ethical standards. Reflecting these achievements, the Group's ESG rating was upgraded from 'BBB' to 'A' in the latest MSCI ratings, affirming its commitment to the highest local and international sustainability standards.
These initiatives reinforce the Group's role as a key enabler of the national economy, supporting job creation, business development, talent advancement, community well-being, and the growth of digital infrastructure. stc Group remains committed to maximizing its positive impact on society, the environment, and the economy by embedding sustainability across all business areas.