The year 2023 was a pivotal point in the leading journey of stc Group, marked by the accelerated implementation of our DARE 2.0 strategy across several pillars. This period reinforced our steadfast commitment to supporting the Kingdom’s Vision 2030, characterized by exceptional performance that transcended local boundaries to significantly influence global markets.

The 2023 financial results underscored our leading stance in the telecommunications and technology sectors, with stc achieving record revenues of SAR 72,337 million (USD 19,290 million) and a solid 7% Year-on-Year (YoY) growth. Coupled with a strong EBITDA margin of 34% and progressive net profit growth of 9% YoY, this remarkable growth reflects our continued focus on the group’s discipline in strategy execution and commitment to generating incremental value to our shareholders.

As a testament to our financial strength, the stc Board of Directors proposed a special cash dividend of SAR 1 per share in addition to the quarterly cash dividend of SAR 0.40 per share, bringing the full year dividend payout to SAR 2.60 per share and representing 26% of the share’s par value.

Furthermore, our efforts to contribute to the national agenda persisted through several initiatives aimed at accelerating digital transformation and fostering sustainable economic and social development, including making strides toward sustainability with the goal of achieving net zero emissions by 2050. This effort was bolstered by securing the approval of the Science Based Targets initiative (SBTi), as consistent with levels required to meet the goals of the Paris Agreement and incorporating a quantitative sustainability metric into the executive management’s short-term incentive plan.

These results wouldn’t have been possible without the Kingdom’s visionary leaders and their unwavering determination to elevate the nation to a leading position in the technology and digital domains and enable the Kingdom to become a global Information Communications and Technology (ICT) hub.

In closing, I extend heartfelt gratitude to my colleagues at stc Group for their relentless efforts to solidify our position as a catalyst for digital transformation. My appreciation also goes to all our shareholders and investors for their trust in our vision. As we move ahead, we remain committed to harnessing all our capabilities to innovate and shape a promising digital future, achieving sustainable growth that aligns with the aspirations and stature of the Kingdom on both regional and global stages.

Please accept my deepest greetings and appreciation.