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The Saudi Telecom Company has recorded a profit of more than SR12B ($3.2B), which is a first for the company. The telecoms company announced an 8% growth in net profit for 2022, reaching SR12.17B. Overall sales increased by 7% to SR67.43B in 2022 from SR63B the previous year.
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The company, in which the Public Investment Fund of Saudi Arabia maintains a 64% share, reported that EBITDA and zakat for the year totaled SAR25B, an increase of about 10% from SAR22.8B in the same period last year.
Why it matters
In addition to an initial $500M investment, the company last October pledged an extra $300M to Saudi venture capital firm STV in order to develop digital champions in the area. According to STC, the group's increased focus on innovation and technological advancement in the Kingdom and the MENA region is a reflection of its future vision and an important contribution to the digital transformation in Saudi Arabia and elsewhere.
