Telecoms STC to pay special 2024 dividend as profit grows By Pramod Kumar February 26, 2025, 10:59 AM Reuters/Faisal Al Nasser A man passes the Saudi Telecom STC office in Riyadh. Revenue rose 6 percent annually to SAR76 billion in 2024 Saudi Telecom Company (STC), which trades on the Saudi stock exchange, has recommended a special dividend payout of nearly SAR10 billion ($2.7 billion) for 2024. That is over and above its fourth-quarter 2024 dividend of almost SAR3 billion. The special dividend announcement follows a near doubling in STC’s 2024 net profit to SAR25 billion. Revenue rose 6 percent last year SAR76 billion. In January, STC won a SAR32.6 billion contract to develop a new telecommunications infrastructure in Saudi Arabia from an “unknown” government entity. STC also started a bank called STC Bank, which last month received authorisation from the Saudi Central Bank (Sama) to begin operations. Gulf telcos should ignore Europe’s fading allure STC seeks board seat after raising Telefónica stake STC allowed to raise holding in Spain’s Telefonica 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. PIF owns 62 percent of STC, according to Saudi stock market Tadawul data. The stock closed at SAR44.70 on Tuesday.
