stc CEO says performance of subsidiaries positively contributed to 2021 financials

Olayan Mohammed Alwetaid, stc CEO

Olayan Mohammed Alwetaid, CEO of stc, said that the revenue growth witnessed for the company’s subsidiaries contributed positively to its financial results for 2021.

In a company statement, Alwetaid said that the positive results achieved by the company for 2021 came in line with its expectations driven by the strong performance of the Enterprise Business Unit, which benefited from the company’s ability to accommodate the strong demand from the public and private sectors for the unit’s services and products.

The Wholesale Business Unit continued its positive contribution to stc’s financial results, as it achieved a growth of 2.9%, through leveraging the company’s infrastructure investments to grow its hubbing services.

The Residential segment also achieved a growth in its revenue, with an increase of 10.5%, which supported the Consumer Business Unit’s financial performance. This is primarily due to an increase in FTTH and fixed wireless access subscribers by 10.3% and 21.7%, respectively.

stc reported a net profit after Zakat and tax of SAR 11.31 billion for 2021, a rise of 2.9% from SAR 11 billion in the year-ago period. Q4 2021 earnings stood at SAR 2.61 billion, according to data compiled by Argaam.