Banking & Finance Saudi Telecom’s H1 revenue hits record high at $9.7bn By Pramod Kumar July 31, 2023 NurPhoto/Joan Cros Revenues of Saudi Telecom Company (STC), the largest mobile operator in Saudi Arabia, hit a record-high of SAR36.5 billion ($9.73 billion) in the first half of 2023, up 8 percent year on year. Net profit for the period grew by 4.2 percent year on year to SAR6.12 billion, the company said in a filing to the Saudi Stock Exchange. The net profit for the second quarter of 2023 stood at SAR3 billion, rising six percent from SAR2.83 billion. Revenue rose 8.9 percent on Q2 last year to SAR18.32 billion. In August 2022, the company’s shareholders approved the dividend payout of SAR0.40 per share per quarter, totalling SAR1.99 billion for the second quarter. STC group CEO Olayan Mohammed Alwetaid said that the proposed acquisition of 40 percent of Devoteam Middle East, a digital business consulting firm, by one of its subsidiaries will enhance the group’s capabilities in the information technology sector and enable digital transformation. In May Center3, one of the group’s subsidiaries, announced the landing of the world’s longest submarine cable, “2Africa”, to Jeddah and Yanbu, which will reach Dubai later this year and Al-Khobar in 2024. The cable is one of the longest submarine cables in the world and will connect 33 countries across three continents: Africa, Asia and Europe. In April Tawal, an STC subsidiary, agreed to buy tower infrastructure worth €1.22 billion ($1.34 billion) from United Group’s telecommunications tower assets. Saudi’s sovereign Public Investment Fund owns 64 percent of STC.