By enabling enterprises to digitize and better integrate their processes we will continue to contribute towards Vision 2030’s goal of transforming the Kingdom into a digital hub.

Our financial performance reflects the progress we made throughout the year. Notable increases have been made in revenue, gross profit, net profit, and EBITDA while growth has been reported across the Company’s business lines.

Over the past year, we continued to generate strong financial results. The Company’s net revenue grew by 13.4% to SAR 7,816 million in 2021 from SAR 6,891 million in 2020 supported by business growth across all key revenue segments.

The past year has been a very successful and transformative year for solutions by stc and I am proud to present to you our first Annual Report as a publicly listed company.

A year of strategic transformation and enablement

We achieved tremendous success with our Initial Public Offering (IPO) - it reflected the trust domestic, regional, and international investors have placed in the Company and the growth solutions by stc is projected to achieve in the future. solutions by stc’s IPO was the first public listing of a company subsidiary in the Kingdom and was among the largest IPOs on the Saudi Stock Exchange to date. This reinforces solutions’ strong business proposition, as it has evolved into the Kingdom’s leading enabler and pioneer of digital transformation over the past 25 years.

I want to take this opportunity to thank the Board of Directors, the Management, and other integral team members. The untiring support you lent us resulted in the tremendous growth we reported this year. I also am very grateful for the strong bonds established with our wider customer and partner network, which is the foundation of our success. As we embark on a new chapter in our history, I have every confidence that our journey will be fruitful and will contribute towards the advancement of the Kingdom and its vision for the future.

A culture of resilience and agility

2021 has also been a year of perseverance, as we continued to confront the impact of the COVID-19 pandemic.

We have put our people first, prioritizing their safety, well-being, and job security. We continued to implement and introduce new measures that embrace the future of work, such as our flexible work-from-home policy, our impressive office perks, as well as the complete digitalization of our work process. As a result, these initiatives have allowed our employees to continue to deliver consistent and uninterrupted services and support to our customers.

For many around the world, the pandemic has continued to demand that we unlearn old habits and embrace new technology to adapt to the need for new ways of working. At solutions, we are proud to have taken part in enabling companies by offering remote solutions to reach their employees and customers virtually around the world.

Awards and recognition

For the sixth consecutive year, solutions by stc was rated number 1 IT services provider in Saudi Arabia by IDC. This reflects the undisputed position the Company holds within the industry and the trust placed in the Company’s capabilities.

Moreover, the Company also achieved the “Customer Experience Specialization” certificate for adopting best in class customer experience and customer success practices. In addition, the Company also was awarded a Great Place to Work-Certified™ for its efforts to create an empowering work environment for its team.

Completion of major projects

Over the course of a couple of months, we have completed a number of large-scale projects which required; providing integrated security systems, network infrastructure, and communication systems for our customers across the Kingdom.

These projects and the Company’s contribution towards the installation of Saudi Aramco’s Dammam-7 – a new supercomputer that is among the top ten most powerful in the world – reflects solutions by stc’s technological prowess and the solid relationships it has built with its suppliers, customers, and 150+ local and international partners.

Looking forward with optimism

Moving forward, our ambition is to reinforce our position as the Kingdom’s leading digital solutions innovator and provider of end-to-end services, while supporting the public and private sectors to gain the scale, reach and speed required to service the needs of all sectors in Saudi Arabia. This ambition is supported by the Company’s LEAP strategy which focuses on the growth of the business and the solidification of relationships with partners, customers, and employees. We also aim to grow inorganically and provide our services to the SME market, which is on the path to joining a digitally-driven economy.

We will continue to provide ICT and digital solutions to a growing number of industries and businesses within the Kingdom. By enabling enterprises to digitize and better integrate their processes we will continue to contribute towards Vision 2030’s goal of transforming the Kingdom into a digital hub.

Omer Alnomany
Chief Executive Officer