• Revenues in 2023 reached 11.04 billion Saudi Riyals, an increase of 25.38% compared to the previous year.
• Net profit for the year 2023 amounted to 1,192 million Saudi Riyals, an increase of 13.20% compared to the previous year.
• The company’s acquisitions of “Giza Systems” and “ccc by stc” contributed to an increase in the company’s revenues.
The Arabian Internet and Communications Services Company “solutions by stc” issued today, Thursday, its financial results for the year 2023, during which it recorded a net profit of 1.192 million Saudi Riyals, an increase of 13.20% compared to 2022, and revenues also increased to reach 11.04 billion Saudi Riyals, an increase of 25.38% compared to 2022.
Gross profit increased by 29.19% compared to 2022, reaching 2,598 million Saudi Riyals, while in 2022 it reached 2,011 million Saudi Riyals. The financial results for the year 2023 also recorded an increase in the company’s revenues as a result of its acquisition of “Giza Systems” and “ccc by stc”.
Commenting on the financial results for the past year, Engineer Omer Alnomany, CEO of solutions by stc, said, “Our financial results during the year 2023 reflect the success of our strategic plans in achieving more business expansion and diversification in our service portfolio to provide digital services and solutions in accordance with international best practices for our customers, achieving tangible value for shareholders, and strengthening our leadership in the ICT markets in the Kingdom of Saudi Arabia and the region. The year 2023 witnessed solution implementing many digital transformation projects for the public and private sectors, which directly contribute to realize the digital trends of the Kingdom’s Vision 2030.“
The year 2023 witnessed the company announcing a number of acquisitions and investments through which the company sought to enhance its capabilities in the digital fields, as solutions by stc completed its 100% acquisition of the call center company “ccc by stc”, a leader in the field of business outsourcing. The company also signed a binding offer to acquire a 40% stake in “Devoteam Middle East” company, a leader in the field of professional services and digital consulting in the Kingdom and the region, in addition to the company’s
participation in a global investment round in the American company Nile, a leader in providing secure enterprises networking services.
solutions has a proven track record extending for more than 25 years in providing communication and information technology services in the Saudi market, which has qualified it to become the leading provider of information technology services in the Kingdom and one of the largest contributors to accelerating the pace of digital transformation witnessed by all sectors in the Kingdom, especially the Banking, Health care, and the education sectors.