stc Group Net Profit for First Quarter of 2025 Increases 11.05%

CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
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stc Group Net Profit for First Quarter of 2025 Increases 11.05%

CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat

Saudi Arabia’s stc announced on Sunday the company’s preliminary financial results for the first quarter ending March 31, reporting revenues of SAR19,210 million, a 1.60% increase year-over-year.

Gross profit rose by 5.01% to SAR9,098 million, operating profit increased by 2.02% to SAR3,584 million, and EBITDA grew by 5.25% to SAR6,120 million. Net profit for the quarter reached SAR3,649 million, representing an 11.05% increase compared to the same period last year.

According to a statement issued by stc, the group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.

Commenting on the results, CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth, as well as its relentless pursuit of creating added value for shareholders, customers, and the digital economy as a whole.

He further added that, early in 2025, stc Group achieved several strategic milestones that further solidified its position in the telecommunications and information technology sector. Among these achievements was a new global milestone, as the group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain SAS-UP license certification from the GSMA.

He emphasized that this accomplishment complements stc’s ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the Kingdom.
In continuation of the group’s efforts to enhance the digital communication infrastructure in the region, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This strategic partnership aims to enhance the digital communication infrastructure in the region through the project, which starts with the Saudi-Oman corridor. The project will also create an integrated ground fiber network with two backup routes, connecting submarine cable landing stations on the Red Sea in Saudi Arabia to their counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both countries. This agreement reaffirms the Group’s commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region’s economic growth.
The statement added that stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group’s ability to deliver advanced technological solutions tailored to the diverse needs of various sectors, while reaffirming its commitment to driving the shift toward an integrated digital economy and leading the future of smart technology in the Kingdom and beyond.
Furthermore, as part of its commitment to providing the highest quality of digital services, stc Group enhanced its telecommunications network in the Two Holy Mosques during the holy month of Ramadan by strengthening its infrastructure to meet the growing demand for services during peak times. This upgrade resulted in a 120% increase in connection speed, enabling the Group to ensure an exceptional communication experience for visitors to the holy sites during the peak visitor periods.



Trump Offers Support to Musk's Car Company in a Surprising Post as Tesla Stock Plunges

Mar 22, 2025; Philadelphia, PA, USA; Elon Musk and President Donald Trump during the Division I Men's Wrestling Championship held at Wells Fargo Center. Mandatory Credit: Eric Hartline-Imagn Images/File Photo
Mar 22, 2025; Philadelphia, PA, USA; Elon Musk and President Donald Trump during the Division I Men's Wrestling Championship held at Wells Fargo Center. Mandatory Credit: Eric Hartline-Imagn Images/File Photo
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Trump Offers Support to Musk's Car Company in a Surprising Post as Tesla Stock Plunges

Mar 22, 2025; Philadelphia, PA, USA; Elon Musk and President Donald Trump during the Division I Men's Wrestling Championship held at Wells Fargo Center. Mandatory Credit: Eric Hartline-Imagn Images/File Photo
Mar 22, 2025; Philadelphia, PA, USA; Elon Musk and President Donald Trump during the Division I Men's Wrestling Championship held at Wells Fargo Center. Mandatory Credit: Eric Hartline-Imagn Images/File Photo

President Donald Trump took to social media Thursday morning to support Elon Musk's car company, a startling development given their bitter public feud.

”I want Elon, and all businesses within our Country, to THRIVE,” Trump wrote on Truth Social, Reuters reported.

The post wasn't enough to help Tesla's stock, which fell sharply after the company reported another quarter of lackluster financial results and Musk warned of some potentially “rough quarters” into next year. At midday, the stock was down around 9%.

Late Wednesday, Tesla said revenue fell 12% and profit dropped 16% in the April-June quarter. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China.

Investors have been unnerved by Musk's social media spat with the president because Trump has threatened to retaliate by ending government contracts and breaks for Musk's various businesses, including Tesla.

But Trump struck a starkly different tone Thursday morning.

“Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large scale subsidies he receives from the US Government. This is not so!" Trump wrote. “The better they do, the better the USA does, and that’s good for all of us.”

After Trump's massive budget bill passed earlier this month, Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers. Trump’s tariffs on countries including China and Mexico will also cost Tesla hundreds of millions of dollars, the company said on its earnings call.

Musk has blasted the budget bill on his own social media platform X for adding to US debt at a time when it is already too large. The Tesla CEO has called the budget pushed by the president a “disgusting abomination” and has threatened to form a new political party.

On Wednesday's call, Musk said the electric vehicle maker will face “a few rough quarters” as it moves into a future focused less on selling cars and more on offering people rides in self-driving cars. He also talked up the company's business making humanoid robotics. But he acknowledged those businesses are a ways off from contributing to Tesla’s bottom line.

Tesla began a rollout in June of its paid robotaxi service in Austin, Texas, and hopes to introduce the driverless cabs in several other cities soon. Musk told analysts that the service will be available to probably “half of the population of the US by the end of the year — that’s at least our goal, subject to regulatory approvals.”

“We’re in this weird transition period where we’ll lose a lot of incentives in the US,” Musk said, adding that Tesla “probably could have a few rough quarters” ahead. He added, though, “Once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I would be surprised if Tesla’s economics are not very compelling.”