5 May 2024

• Q1 2024 revenues touch 2.81 billion riyals, a 5% rise in comparison to 2.68 billion riyals during the same period in 2023.
• Q1 2024 net profit totals 353 million riyals, a 16.1% increase over 304 million riyals during the same period in 2023.

solutions by stc, the leading enabler of digital transformation in the Kingdom of Saudi Arabia and the region, has announced its quarterly financial results for Q1 2024, recording a net profit of 353 million riyals at a 16.1% year-on-year growth rate. Revenues also jumped, registering a 5% uptick to 2.8 million riyals compared to the same quarter in 2023, while total profits soared by 2.1% to 619 million riyals in Q1 in contrast to the same quarter in the previous year which saw the company achieve 606 million riyals.

Commenting on the Q1 2024 results, Mr. Abdulrahman Alrubaia, CFO at solutions by stc, stated, “we continue to deliver positive financial results for the company, a fact that demonstrates our commitment to execute on our plans and strategies as we have scored a host of achievements during the past period which underscores our relentless efforts towards attaining business growth and expansion while offering unparalleled value to our shareholders and clients.”

On the company growth and expansion front, solutions by stc has revealed that it has completed a 40% acquisition of Devoteam Middle East, a subsidiary of Devoteam Group, last February with the aim of diversifying into digital consulting. This is the third such acquisition by solutions after the earlier acquisitions of CCC and Giza Systems last year, a move that seeks to broaden its footprint besides consolidating its leadership of the regional ITC sector. solutions also inked a partnership deal with Remat Al-Riyadh, the development arm of the Riyadh Region Municipality, for building, operating, managing and maintaining smart public parking in Riyadh City for 10 years, a venture that will reflect on the company’s financial statements.

solutions by stc has previously contributed to projects in the digital domain that drive digital transformation in the public and private sectors, enabling industries such as healthcare, financial services, real estate, education, oil and gas, telecom and media, and others as part of their digitalization efforts inspired by Saudi Vision 2030’s ambitious objectives.