Relations Association (MEIRA)’s awards ceremony in its eleventh edition held in Dubai. The award acknowledged STC’s commitment to applying best reporting practices in its digital 2018 Annual Report, which reflects the pivotal role STC plays in enabling digital transformation, which is one of Saudi Vision 2030’s key objectives, by providing the best modern technology services.
The report, first inaugurated by Eng. Nasser Bin Suleiman Al Nasser, CEO of STC Group, in the presence of Ameen Al Shady, CFO, and Mohammed Abal Khail, Director General of Corporate Communications, allows investors, analysts, shareholders, and other members of the financial community to quickly and efficiently locate the information they need.
The award reflects STC’s commitment to using the highest disclosure and quality standards in terms of both content and design.
The report was characterized by its comprehensiveness and impact in line with the company’s strategy, which aims at applying the best practices of communication with its clients and investors, as well as offering them a better value by adopting best investor relations practices.
The award is also a sign that STC is on the right track towards achieving its ambitious strategy, DARE, aimed at growing in new areas to promote itself as the right partner for the government, corporations, and SMEs alike, and performing its leading national role in implementing digital transformation in order to contribute to shaping the future of sustainable development in Saudi Arabia.
The report reflected the robust financial status of STC and its interest in distributing cash dividends across its shareholders. It showed a 2.6% increase in revenue in 2018, reaching SR 51.963 million, while gross profit amounted to SR 30.546 million, i.e. a 6.9% increase. Operating profit reached SR 12.245 million, in a 115% increase, and net profits rose by 7.6% to reach SR 10.780 million compared to 2017. The company also maintained its market share growth, as the number of its fiber optic service clients rose by 18% compared to 2017.
The report also highlighted STC’s national role and contribution to achieving Vision 2030 by investing in the digitization of economy, which it did by investing in startup technologies by establishing a Venture Capital fund valued at USD 500 focused on investment in modern technologies:
3D printing, Artificial Intelligence (AI), drones, Virtual Reality (VR), and autonomous vehicles.
The report also presented STC’s achievements in 2018 in digital payments, Big Data, cloud computing, cybersecurity, the Internet of Things (IoT), and AI, including the inauguration of the STC PAY service, a world-class large Data Center, as well as STC Academy to train highly skilled leaders, and the first 247/ digital store.
The digital report also showed how STC promoted its local and regional leadership after it launched its first live 5G network location following the test completion, for the first time in the MENA region.
This will be followed by many other 5G network locations throughout Saudi Arabia. STC is also working on completing the next phase of expanding the 5G network on a broader scale so at to keep up with the latest global technologies, raise digital services efficiency, and enrich customer experience across all Saudi cities.
The report that won the MEIRA award also presented the progress STC has made both locally and internationally, after it won in the Board elections of GSMA, the world’s largest organization of operators and manufacturers of mobile communications, to be one of the Board’s 25 top telecom companies in the world. STC also won the King Abdul Aziz
Award for Quality in its 1439 H - 2018 AD edition in the category of large service enterprises at the Gold level, for the second time since the award was started. This reflects the company’s interest in quality, institutional work, and commitment to one of its core values, i.e. Customer First.
Source: STC Press Release