Financial
Performance
Highlights of the Group’s operating results in 2023 compared to 2022
Income statement|
Statement (SAR’000) |
2023 Consolidated |
2022* Consolidated |
Difference |
% |
|
Revenues |
72,336,611 | 67,431,546 | 4,905,065 | 7.3% |
|
Cost of revenues |
(34,532,921) | (30,038,291) | (4,494,630) | 15.0% |
|
Gross profit |
37,803,690 |
37,393,255 |
410,435 |
1.1% |
|
Total operating expenses |
(23,603,256) |
(22,304,814) |
(1,298,442) |
5.8% |
|
EBITDA |
24,683,011 |
25,078,667 |
(395,656) |
(1.6%) |
|
Other income and expenses |
594,543 |
(1,618,344) |
2,212,887 |
136.7% |
|
Zakat and income tax |
(1,375,498) |
(1,083,175) |
(292,323) |
27.0% |
|
Net Profit attributable to stc’s Equity holders of the Parent Company |
13,295,381 |
12,170,537 |
1,124,844 |
9.2% |
|
Net Profit attributable to non-controlling interests |
124,098 |
216,385 |
(92,287) |
(42.6%) |
|
Net Profit |
13,419,479 |
12,386,922 |
1,032,557 |
8.3% |
Summary of the Group’s assets, liabilities, and results for the past 5 fiscal years
-
Statement (SAR’000)
2019 Consolidated Revised
2020 Consolidated Revised
2021 Consolidated Revised
2022* Consolidated Revised
2023 Consolidated
Revenues activity
54,367,531 58,953,318 63,007,986 67,431,546 72,336,611 Costs of activity revenues
(21,976,306) (24,998,923) (29,213,957) (30,038,291) (34,532,921) Total profit of the activity
32,391,225
33,954,395
33,794,029
37,393,255
37,803,690
Operating expenses
(19,910,832)
(21,223,270)
(20,666,274)
(22,304,814)
(23,603,256)
Profit from operating activity
12,480,393
12,731,125
13,127,755
15,088,441
14,200,434
Other revenues and expenses - net
(793,418)
(375,482)
(492,692)
(1,618,344)
594,543
Zakat, taxes, and non-controlling interests
(1,022,309)
(1,360,768)
(1,323,721)
(1,299,560)
(1,499,596)
Net profit attributable to stc’s shareholders
10,664,666
10,994,875
11,311,342
12,170,537
13,295,381
-
Statement (SAR’000)
2019 Consolidated Revised
2020 Consolidated Revised
2021 Consolidated Revised
2022* Consolidated Revised
2023 Consolidated
Net profit including non-controlling interests 10,924,831 11,185,197 11,594,697 12,386,922 13,419,479 Total items that may not be reclassified subsequently to the consolidated statement of profit or loss (710,054) (562,514) 317,616 818,534 (205,380) Total items that may be reclassified subsequently to the consolidated statement of profit or loss 212,050 31,430 99,789 (174,583) 19,466 Total (comprehensive loss)/other comprehensive income (498,004) (531,084) 417,405 643,951 (185,914) Total comprehensive income 10,426,827 10,654,113 12,012,102 13,030,873 13,233,565 Total comprehensive income attributable to stc’s shareholders 10,163,477 10,478,455 11,717,489 12,840,311 13,138,635 Total comprehensive income attributable to non-controlling interests 263,350 175,658 294,613 190,562 94,930 -
Statement (SAR’000)
2019 Consolidated Revised
2020 Consolidated Revised
2021 Consolidated Revised
2022* Consolidated Revised
2023 Consolidated
Current assets (A) 44,841,492 45,858,916 51,468,074 60,790,447 71,224,125 Fixed and intangible assets 54,992,030 58,314,031 57,939,836 58,420,288 65,383,409 Other non-current assets 18,492,734 17,799,153 18,371,507 18,009,251 23,075,236 Total assets 118,326,256 121,972,100 127,779,417 137,219,986 159,682,770 Current liabilities (B) 32,606,772 32,891,183 33,560,552 36,400,164 48,070,790 Long-term loans 8,923,476 8,637,605 7,846,606 10,213,750 13,641,768 Other non-current liabilities 13,740,962 15,176,297 14,986,280 14,580,480 16,455,046 Total liabilities 55,271,210 56,705,085 56,393,438 61,194,394 78,167,604 Paid capital 20,000,000 20,000,000 20,000,000 50,000,000 50,000,000 Reserves, retained earnings and treasury shares 41,762,594 43,945,782 49,270,505 23,499,525 28,984,945 Equity attributable to shareholders of stc 61,762,594 63,945,782 69,270,505 73,499,525 78,984,945 Non-controlling interests 1,292,452 1,321,233 2,115,474 2,526,067 2,530,221 Total equity 63,055,046 65,267,015 71,385,979 76,025,592 81,515,166 Total liabilities and equity 118,326,256 121,972,100 127,779,417 137,219,986 159,682,770 Working capital (A-B) 12,234,720 12,967,733 17,907,522 24,390,283 23,153,335 -
Statement (SAR’000)
2019 Consolidated Revised
2020 Consolidated Revised
2021 Consolidated Revised
2022* Consolidated Revised
2023 Consolidated
Net operating cash flow 9,920,626 28,324,705 11,220,155 26,354,390 22,417,558 Net investment cash flow (1,977,126) (17,429,177) (1,714,583) (8,578,939) (28,383,342) Net financing cash flow (8,067,645) (9,919,218) (10,235,177) (8,255,503) 1,590,929 Net cash flow (124,145) 976,310 (729,605) 9,519,948 (4,374,855) Cash and cash equivalents at the beginning of the year 8,153,865 8,031,010 9,004,286 8,281,301 17,794,393 Impact of foreign currency exchange differences 1,290 (3,034) 6,620 (6,856) (5,413) Cash and cash equivalents at the end of the year 8,031,010 9,004,286 8,281,301 17,794,393 13,414,125 *Certain comparative figures for the year ended December 31, 2022, were reclassified to conform with the classification used in the financial statements for the year ended December 31, 2023.
Consolidated Statement of Comprehensive income
as at 31 December 2023|
Statement (SAR’000) |
2023 Consolidated |
2022* Consolidated |
Difference |
% |
|
Revenues |
72,336,611 | 67,431,546 | 4,905,065 | 7.3% |
|
Cost of revenues |
(34,532,921) | (30,038,291) | (4,494,630) | 15.0% |
|
Gross profit |
37,803,6901 |
37,393,255 |
410,435 |
1.1% |
|
Total operating expenses |
(23,603,256) |
(22,304,814) |
(1,298,442) |
5.8% |
|
EBITDA |
24,683,011 |
25,078,667 |
(395,656) |
(1.6%) |
|
Other income and expenses |
594,543 |
(1,618,344) |
2,212,887 |
136.7% |
|
Zakat and income tax |
(1,375,498) |
(1,083,175) |
(292,323) |
27.0% |
|
Net Profit attributable to stc’s Equity holders of the Parent Company |
3,295,381 |
12,170,537 |
1,124,844 |
9.2% |
|
Net Profit attributable to non-controlling interests |
124,098 |
216,385 |
(92,287) |
(42.6%) |
|
Net Profit |
13,419,479 |
12,386,922 |
1,032,557 |
8.3% |
Consolidated Statement of Changes in Shareholders’ Equity
as at 31 December 2023|
Statement (SAR’000) |
2023 Consolidated |
2022* Consolidated |
Difference |
% |
|
Revenues |
72,336,611 | 67,431,546 | 4,905,065 | 7.3% |
|
Cost of revenues |
(34,532,921) | (30,038,291) | (4,494,630) | 15.0% |
|
Gross profit |
37,803,6901 |
37,393,255 |
410,435 |
1.1% |
|
Total operating expenses |
(23,603,256) |
(22,304,814) |
(1,298,442) |
5.8% |
|
EBITDA |
24,683,011 |
25,078,667 |
(395,656) |
(1.6%) |
|
Other income and expenses |
594,543 |
(1,618,344) |
2,212,887 |
136.7% |
|
Zakat and income tax |
(1,375,498) |
(1,083,175) |
(292,323) |
27.0% |
|
Net Profit attributable to stc’s Equity holders of the Parent Company |
3,295,381 |
12,170,537 |
1,124,844 |
9.2% |
|
Net Profit attributable to non-controlling interests |
124,098 |
216,385 |
(92,287) |
(42.6%) |
|
Net Profit |
13,419,479 |
12,386,922 |
1,032,557 |
8.3% |
