Highlights of stc’s operating results in 2024 compared to 2023

Income statement: Continuing operations

Statement (%'000 )

2024 Consolidated

2023
Consolidated Revised

Difference

%

Revenues

 75,893,413 71,777,161 4,116,252 5.7%

Cost of revenues

 (38,593,003) (37,037,095) (1,555,908) 4.2%

Gross profit

37,300,410

34,740,066

2,560,344

7.4%

Total operating expenses

(22,874,772)

(21,578,775)

(1,295,997)

6.0%

Operating Profit

14,425,638

13,161,291

1,264,347

9.6%

Other income and expenses

(2,291,191)

825,752

(3,116,943)

(377.5%)

Zakat and income tax

(1,191,564)

(1,326,610)

135,046

(10.2%)

Net Profit from continuing operations

 10,942,883 12,660,433 (1,717,550) (13.6%)

Net Profit from discontinued operations

 13,973,360 759,046 13,214,314 1740.9%

Net Profit attributable to stc’s Equity holders of the Parent Company

 24,688,652 13,295,381 11,393,271 85.7%

Net Profit attributable to non-controlling interests

 227,591 124,098 103,493 83.4%

Net Profit

24,916,243

 13,419,479

11,496,764

85.7%

Summary of stc’s assets, liabilities, and results for the past five fiscal years

  • Statement (%'000)

    2020
    Consolidated
    Revised

    2021
    Consolidated
    Revised

    2022
    Consolidated
    Revised

    2023*
    Consolidated
    Revised

    2024
    Consolidated

    Revenues activity

    		 58,953,318 63,007,986 67,431,546 71,777,161 75,893,413

    Costs of activity revenues

    		 (24,998,923) (29,213,957) (30,038,291) (37,037,095) (38,593,003)

    Total profit of the activity

    		 33,954,395 33,794,029 37,393,255 34,740,066 37,300,410

    Operating expenses

    		 (21,223,270) (20,666,274) (22,304,814) (21,578,775) (22,874,772)

    Profit from operating activity

    		 12,731,125 13,127,755 15,088,441 13,161,291 14,425,638

    Other revenues and expenses - net

    		 (375,482) (492,692) (1,618,344) 825,752 (2,291,191)

    Zakat, taxes, and non-controlling interests

    		 (1,360,768) (1,323,721) (1,299,560) (1,450,708) (1,419,155)

    Net Profit from continuing operations

    		 - - - 12,660,433 10,942,883

    Net Profit from discontinued operations

    		 - - - 759,046 13,973,360

    Net profit attributable to stc’s shareholders

    		 10,994,875 11,311,342 12,170,537 13,295,381 24,688,652

    *Certain comparative figures for the year ended 31 December 2023, were reclassified to conform with the classification used in the financial statements for the year ended 31 December 2024.

  • Statement (%'000)

    2020
    Consolidated
    Revised

    2021
    Consolidated
    Revised

    2022
    Consolidated
    Revised

    2023*
    Consolidated
    Revised

    2024
    Consolidated

    Net profit including non-controlling interests

    		 11,185,197 11,594,697 12,386,922 13,419,479 24,916,243
    Total items that may not be reclassified subsequently to the consolidated statement of profit or loss (562,514) 317,616 818,534 (205,380) 320,838
    Total items that may be reclassified subsequently to the consolidated statement of profit or loss 31,430 99,789 (174,583) 19,466 (629,010)
    Total (comprehensive loss)/other comprehensive income (531,084) 417,405 643,951 (185,914) (308,172)
    Total comprehensive income 10,654,113 12,012,102 13,030,873 13,233,565 24,608,071
    Total comprehensive income attributable to stc’s shareholders 10,478,455 11,717,489 12,840,311 13,138,635 24,436,813
    Total comprehensive income attributable to non-controlling interests 175,658 294,613 190,562 94,930 171,258

    *Certain comparative figures for the year ended 31 December 2023, were reclassified to conform with the classification used in the financial statements for the year ended 31 December 2024.

  • Statement (%'000)

    2020
    Consolidated
    Revised

    2021
    Consolidated
    Revised

    2022
    Consolidated
    Revised

    2023*
    Consolidated
    Revised

    2024
    Consolidated

    Current assets (A) 45,858,916 51,468,074 60,790,447 70,776,373 72,767,130
    Fixed and intangible assets 58,314,031 57,939,836 58,420,288 65,702,712 56,468,646
    Other non-current assets 17,799,153 18,371,507 18,009,251 23,166,784 31,402,367
    Total assets 121,972,100 127,779,417 137,219,986 159,645,869 160,638,143
    Current liabilities (B) 32,891,183 33,560,552 36,400,164 47,623,038 38,956,261
    Long-term loans 8,637,605 7,846,606 10,213,750 13,641,768 14,740,155
    Other non-current liabilities 15,176,297 14,986,280 14,580,480 16,865,897 14,456,680
    Total liabilities 56,705,085 56,393,438 61,194,394 78,130,703 68,153,096
    Paid capital 20,000,000 20,000,000 50,000,000 50,000,000 50,000,000
    Reserves, retained earnings and treasury shares 43,945,782 49,270,505 23,499,525 28,984,945 39,416,542
    Equity attributable to shareholders of stc 63,945,782 69,270,505 73,499,525 78,984,945 89,416,542
    Non-controlling interests 1,321,233 2,115,474 2,526,067 2,530,221 3,068,505
    Total equity 65,267,015 71,385,979 76,025,592 81,515,166 92,485,047
    Total liabilities and equity 121,972,100 127,779,417 137,219,986 159,645,869 160,638,143
    Working capital (A-B) 12,967,733 17,907,522 24,390,283 23,153,335 33,810,869

    *Certain comparative figures for the year ended 31 December 2023, were reclassified to conform with the classification used in the financial statements for the year ended 31 December 2024.

  • Statement (%'000)

    2020
    Consolidated
    Revised

    2021
    Consolidated
    Revised

    2022
    Consolidated
    Revised

    2023*
    Consolidated
    Revised

    2024
    Consolidated

    Net cash generated from operating activities 28,324,705 11,220,155 26,354,390 22,417,558 19,885,337
    Net cash used in investing activities (17,429,177) (1,714,583) (8,578,939) (28,383,342) (7,178,981)
    Net cash used in financing activities (9,919,218) (10,235,177) (8,255,503) 1,590,929 (10,495,146)
    Net cash flow 976,310 (729,605) 9,519,948 (4,374,855) 2,211,210
    Cash and cash equivalents at the beginning of the year 8,031,010 9,004,286 8,281,301 17,751,588 13,371,320
    Impact of foreign currency exchange differences (3,034) 6,620 (6,856) (5,413) (39,089)
    Cash and cash equivalents at the end of the year 9,004,286 8,281,301 17,794,393 13,371,320 15,543,441

    *Certain comparative figures for the year ended 31 December 2023, were reclassified to conform with the classification used in the financial statements for the year ended 31 December 2024.

Consolidated Statement of Comprehensive income

as at 31 December 2023

Statement (%'000 )

2024 Consolidated

2023* Consolidated

Difference

%

Revenues

 72,336,611 67,431,546 4,905,065 7.3%

Cost of revenues

 (34,532,921) (30,038,291) (4,494,630) 15.0%

Gross profit

37,803,6901

37,393,255

410,435

1.1%

Total operating expenses

(23,603,256)

(22,304,814)

(1,298,442)

5.8%

EBITDA

24,683,011

25,078,667

(395,656)

(1.6%)

Other income and expenses

594,543

(1,618,344)

2,212,887

136.7%

Zakat and income tax

(1,375,498)

(1,083,175)

(292,323)

27.0%

Net Profit attributable to stc’s Equity holders of the Parent Company

3,295,381

12,170,537

1,124,844

9.2%

Net Profit attributable to non-controlling interests

124,098

216,385

(92,287)

(42.6%)

Net Profit

13,419,479

 12,386,922

1,032,557

8.3%

Consolidated Statement of Changes in Shareholders’ Equity

as at 31 December 2023

Statement (%'000 )

2023 Consolidated

2022* Consolidated

Difference

%

Revenues

 72,336,611 67,431,546 4,905,065 7.3%

Cost of revenues

 (34,532,921) (30,038,291) (4,494,630) 15.0%

Gross profit

37,803,6901

37,393,255

410,435

1.1%

Total operating expenses

(23,603,256)

(22,304,814)

(1,298,442)

5.8%

EBITDA

24,683,011

25,078,667

(395,656)

(1.6%)

Other income and expenses

594,543

(1,618,344)

2,212,887

136.7%

Zakat and income tax

(1,375,498)

(1,083,175)

(292,323)

27.0%

Net Profit attributable to stc’s Equity holders of the Parent Company

3,295,381

12,170,537

1,124,844

9.2%

Net Profit attributable to non-controlling interests

124,098

216,385

(92,287)

(42.6%)

Net Profit

13,419,479

 12,386,922

1,032,557

8.3%

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