stc group CEO says 23.2% rise in subsidiaries revenue contributes positively to results

Olayan Mohammed Alwetaid, Group CEO of stc

Olayan Mohammed Alwetaid, group CEO of stc, said that the 23.2% revenue growth of the subsidiaries contributed positively to the group's results.

He explained in a company statement that Q1 2021 results were distinguished, indicating that the consumer business segment’s revenues rose due to the growth of broadband and fixed wireless access subscriber base by 10.1%, fiber-to-the-home (FTTH) by 26%, working lines by 3.1%, and data revenue by 4.5%.

stc’s enterprise business segment grew by 33.4% backed by higher demand for the company's services and products. Wholesale segment also managed to raise its revenues by 5.1%.

According to data compiled by Argaam, stc reported a net profit after Zakat and tax of SAR 2.952 billion for Q1 2021, a rise of 1% from SAR 2.913 billion in the year-ago period.