solutions by stc announces 2022 annual financial results, marks 26.5% increased profits
• Revenues for 2022 totaled SAR 8.8 billion, an increase of 22.2% compared to SAR7.2 billion for 2021
• Net profit for 2022 rose to SAR 1.054 billion, up from SAR 833 million, a year-on-year gain of 26.5%
• The company’s strong financial performance can be attributed to the acquisition of “Giza Systems”, which marked increase in company revenues for Q4 2022
solutions by stc, Saudi Arabia-based Arabian Internet and Communication Services Company, announced its 2022 financial results, posting SAR 8.8 billion in revenues, which marks an increase of 22.2% compared to the previous year.
The company revealed a net profit of SAR 1.054 billion, marking a 26.5% increase compared to 2021. The gross profit for the year 2022 rose by 17.7% compared to 2021, totaling SAR 2 billion, compared to SAR 1.7 billion in 2021.
Commenting on the financial results for 2022, Eng. Omer Abdullah Alnomani, CEO of solutions by stc, stated, “Our exceptional financial results for the year 2022 are testament to our commitment to business growth and expansion in the Kingdom. We continue to work relentlessly within the framework of our ambitious strategy to maintain our position as a digital transformation leader in the Kingdom of Saudi Arabia and the region. We are determined to continue our successful path of achieving our goals, meeting stakeholder expectations, and securing outstanding financial results.”
During 2022, solutions by stc acquired 88.19 percent of “Giza Systems”, as part of its regional expansion strategy. Additionally, the company signed a sale and purchase agreement to acquire 100 percent of “ccc,” a call center company, to further its growth in the business outsourcing market in the Kingdom.
Additionally, in 2022, solutions made significant contributions to landmark projects for both the public and private sectors, in support of their digital transformation journeys and with a view to enhance efficiencies across both sectors.
As the leading provider of information technology solutions in the telecommunications and communications technology sector in the Kingdom, the company’s successful strategy played a crucial role in its business development. Its objective is to contribute to achieving one of the pillars of the Kingdom’s Vision 2030 by enabling and accelerating digital transformation.