· Revenue for the first quarter of 2023 reached around SAR 2.7 billion, marking a 19% increase compared to SAR 2.2 billion in the corresponding quarter of 2022.
· Net profit for the first quarter of 2023 totaled SAR 304 million, representing a 7% increase compared to SAR 283 million in the corresponding quarter of 2022.
The Arab Internet and Communications Services Company “solutions by stc,” the leading enabler of digital transformation in Saudi Arabia, announced its financial results for the first quarter of 2023. The company reported a net profit of SAR 304 million, representing a 7% increase compared to the same quarter last year. Revenues also increased by 19% to reach approximately SAR 2.7 billion in Q1 2023, while total profits rose by 23%. The total profit for Q1 2023 amounted to SAR 606 million, compared to SAR 494 million in the same quarter of the previous year.
In a comment on the financial results for the first quarter of 2023, “solutions by stc” Chief Financial Officer Abdulrahman bin Hamad Al Rubaia said: “We continue to achieve positive and record-breaking financial results for the company consistently. This reflects our commitment to implementing our strategies, as we have achieved many accomplishments in the past that confirm our continuous efforts toward sustaining growth and expanding our business, and providing the best value for our shareholders and customers.”
“solutions by stc” recently completed its acquisition of “CCC,” a leading business process outsourcing (BPO) company in the Kingdom, acquiring 100% of the company on April 3. This acquisition is part of the company’s efforts to expand its presence in the BPO sector and provide comprehensive services in all areas of digital customer service. The financial impact of this acquisition will be reflected in the company’s financial statements during the second quarter of 2023. This is the company’s second corporate acquisition, following its acquisition of “Giza Systems” in the previous year, as part of solutions strategy to lead in the communications and information technology sector in the region.
Furthermore, “solutions by stc” has played a significant role in leading various digital projects to enable digital transformation for both the public and private sectors. The company operates in numerous sectors, including healthcare, banking, real estate, education, oil and gas, communications, media, and others, all aimed at contributing to the achievement of the Kingdom’s Vision 2030.