STC group’s net income for the 2nd quarter of 2017 increased 7.9% YoY, and for H1, 2017 net income reached SR 4.9 billion ($1.3 billion) (+6.6% YoY).
STC will distribute a total of SR 2,000 million ($533.3 million) in cash dividend for Q2, representing SR 1($0.27) per share.
STC Group CEO, Dr. Khaled H. Biyari, said: “The financial results achieved for the 1st half of 2017 reflect the efforts being made to constantly evolve, improve and develop the company’s strategy and operations and achieve the best returns for the shareholders. Despite the various difficulties facing the sector, STC sponsored programmes contributed to improve operational efficiency leading to improved income and margins.”
Dr. Biyari STC has embraced the Kingdom Vision 2030 and the national transformation program 2020 through multiple initiatives. The company recently signed with the Ministry of communications and information technology, represented by the CITC an agreement to provide high speed broadband with fibre-optic technology, with projected cost of up to SR 7.3 billion ($1.95 billion), designed to deliver broadband to more than 2 million homes across Government plan under the supervision of the Ministry of communications and information technology. “Also, STC will continue to invest in promising technologies and digital sectors, particularly in areas that enable the company to benefit from their assets and infrastructure and help enable growth and expansion of investments in different areas, and the latest company announcement establishing $500 million venture capital fund (STV) to strengthen this trend,” Dr. Biyari added.