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News » solutions by stc reports robust growth in 2023

solutions by stc reports robust growth in 2023

solutions by stc growth 2023
Photo from solutions by stc

RIYADH, SAUDI ARABIA — IT service management company Arabian Internet and Communications Services Co., also known as solutions by STC, reported substantial growth across all business segments in 2023. 

In an interview with the news portal Argaam, CEO Omer Alnomany highlighted the company’s financial success and the drivers behind it.

The core ICT services segment saw a 25.6% increase, IT managed and operational services grew by an impressive 40%, and digital services rose by 4.7%. 

The company’s revenues soared to more than SAR 11 billion ($2.93 billion), marking a 25.4% year-on-year increase, while net profit climbed to SAR 1.2 billion ($319 billion), up by 13.2%.

Alnomany attributed these positive results to the team’s efforts in implementing the growth strategy and diversifying the service portfolio, which has led to enhanced performance rates and increased profitability. 

The company’s financial results were bolstered by several major contracts announced on the Saudi Exchange (Tadawul) website.

solutions by STC made headlines with its acquisitions, including the full acquisition of Saudi-based outsourcing firm Contact Center Company (ccc) and a 40% stake in Devoteam Middle East. 

These moves are part of the company’s strategy to expand into new markets and enhance capabilities, securing a competitive edge in various technical and professional fields. 

The company also participated in a global investment round in the US-based Nile Co., raising $175 million to invest in emerging technologies.

“We continuously evaluate various growth opportunities to seize all opportunities available through investments and acquisitions,” said Alnomany.

“This enables us to maintain our leadership and market share, which is the largest compared to the remaining companies in the market.”

The company’s strategic focus on innovation was also emphasized with the launch of a comprehensive innovation program targeting employees and customers. This initiative aims to develop products and services that meet evolving customer needs and support their strategic objectives.

Notable projects in 2023 included a SAR 444 million ($118 million) contract with the National Center for Government Resources Systems (NCGR) and a SAR 329 million ($87 million) contract with Saudi Aramco

Additionally, solutions by STC entered a partnership with Remat Al-Riyadh Development Co. to establish smart public parking lots in Riyadh, marking a first-of-its-kind collaboration with the public sector.

Looking ahead, solutions by STC plans to continue its trajectory of growth with a dividend distribution policy that seeks to balance shareholder returns with reinvestment for future expansion. 

The board of directors has recommended distributing SAR 714 million ($190 million), or SAR 6 ($1.60) per share, for 2023, pending approval at the upcoming general meeting. This follows a consistent policy of distributing approximately 57% of net profits to shareholders in the previous two years.

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