Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    Indian space program places 36 satellites in their intended orbits

    March 27, 2023
    Facebook Twitter Instagram
    Angola ReportAngola Report
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Angola ReportAngola Report
    Home » Profits of Saudi telecom giant stc rise 3 percent to $3 billion in 2021
    Business

    Profits of Saudi telecom giant stc rise 3 percent to $3 billion in 2021

    February 22, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    The Saudi telecom giant stc has posted a 3 percent increase in net profit for 2021, up to SR11.3 billion ($3 billion). A 7.6 percent increase in revenues led to a SR316 million increase in net profit, the Riyadh-based telecom operator said in a statement. Revenues during the year totaled SR63.4 billion, up from SR58.9 billion in 2020.

    Profits of Saudi telecom giant stc rise 3 percent to $3 billion in 2021

    Olayan Alwetaid, stc’s chief executive officer, said that this growth was driven by the strong performance of the enterprise business unit, which grew revenues by 20.9 percent. The wholesale business and residential segments both saw a boost in sales of 2.9 and 10.5 percent, respectively.

    Subscription growth also boosted the telecom operator’s performance, according to Alwetaid, who noted how its subsidiaries contributed to the company’s strong financial results. STC will distribute SR1.99 billion in dividends, or SR1 per share, for the fourth quarter of 2021.

    The company, citing Brand Finance data, said it had surpassed its rivals in the region for the second year in a row to be named the most valuable brand in telecom. Over the past two years, the brand’s value grew by 31 percent, reaching $10.6 billion in 2021, making it the region’s fastest-growing brand.

    A statement revealed the firm’s Kuwait division had inked a six-year financing agreement with the National Bank of Kuwait worth 500 million Kuwaiti dinars ($165 million). In accordance with the statement, the facility type is classified as an Islamic Tawaroq. Funds will be used to finance the company’s capital expenditure activities and future expansion plans.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023
    Latest News

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    Canadian legislature laughs after Biden accidentally applauds China

    March 25, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Ibrahimovic is back with Sweden but is not thinking about Euro 2024

    March 21, 2023
    © 2023 Angola Report | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.