In 2023, stc witnessed a significant increase in profits, driven by a SAR 4.90 billion rise in revenues year-on-year. However, this growth was offset by a corresponding uptick in the cost of revenues, totaling SAR 4.49 billion. Consequently, the company experienced a notable year-on-year increase in gross profit, amounting to SAR 410 million. Last year, stc's cost of revenues received a positive boost from the reversal of a contingent liability provision, estimated at SAR 1.07 billion.

Additionally, the company's strategic expansion into new domains led to higher operating expenses, particularly during the startup phase of associated companies, contributing to a SAR 1.29 billion surge in operating expenses for the year. Despite a decline in gross other revenues, stc saw a significant increase in finance income, amounting to SAR 910 million. Furthermore, the company reported a profit of SAR 53 million from its net share in results and impairment of investments in associates and joint ventures. This was largely due to an impairment provision related to the BGSM Management investment.