solutions by stc, the leading enabler of digital transformation in Saudi Arabia, announced its financial results for for the nine-month period of 2023, as the revenue reached SAR 8.17 billion, showing a 28% increase compared to the same period in 2022. The total profit reached SAR 2.13 billion, marking a 42% increase compared to the same period in 2022. The net profit also rose by 20% compared to the previous year, reaching SAR 1.03 billion.
Commenting on these results, Abdulrahman bin Hamad Al-Rabie, the Chief Financial Officer of “solutions by stc”, saying, “We continue to achieve positive financial results, reflecting the company’s leadership in the ICT sector. We have expanded our business lines through significant acquisitions and investments, which have had a clear and tangible impact on our profit growth. As we anticipate that these efforts will contribute to sustained value for our shareholders”
Furthermore, in the third quarter of 2023, solutions by stc continued to expand its partnerships and business operations through several agreements, aims to enable the digital transformation in Saudi Arabia¸ in addition to participation in a global investment round in “Nile,” a leading provider of secure corporate network services.
It is important to highlight that “solutions” signed the sale and purchase agreement (SPA), regarding the intention to acquire a 40% of “Devoteam Middle East,” on October 15, 2023. As this acquisition aligns with stc Group’s expansion strategy and “solutions” efforts to increase its capabilities in the IT consulting. “Devoteam Middle East” is part of the Devoteam group, which considered as leading company in the IT consulting and digital transformation for businesses.
It is worth mentioning that “solutions” has consistently demonstrated its leadership in the ICT sector, by receiving numerous awards. As these awards acknowledge “solutions” excellence in project management, and implementing managing the projects locally, regionally, and globally.