solutions by stc announces financial results for first half of 2022
• First half revenues totaled SAR 4.7 billion, an increase of 23% compared to SAR 3.8 billion the corresponding period in 2021.
• First half net profit rose to SAR 556 million, up from SAR 461 million in the year-ago period, a year-on-year gain of 21%.
• Q2 revenues totaled SAR 2.3 billion, an increase of 16% compared to SAR 1.9 billion in Q2 2021.
• Q2 net profits increased by 7% marking SAR 273 million, compared to SAR 256 million in the same period last year.
RIYADH, (1 AUGUST, 2022): Arabian Internet and Communication Services Company (solutions by stc) today announced its financial results for the first half of this year, posting SAR 556 million in net profit, which marks an increase of 21% over the same period in 2021.
Commenting on the company’s financial results, Abdulrahman Alrubaia, CFO of solutions by stc, stated: “The financial results reflect the company’s positive performance as solutions continues to post yet another increase in net profits, and they are further confirmation of solutions’ proven track record of strong financial results, which include positive profits and consistent growth in revenues across business lines. Our 2022 first half financial results are the highest in the company’s history in terms of revenues and net profits.”
solutions by stc has operated in the Kingdom, for over 25 years, as an enabler of the digital transformation in the Kingdom ranking first among IT services provider for the past six years in addition to the company’s experience in providing services across several key sectors, including banking, healthcare and education.