Arabian Internet and Communication Services Company (solutions by stc) announced its first annual financial results after its successful public listing on the Saudi exchange market in September 2021.
As per solutions by stc’s 2021 annual financial results, an increase in gross profit by 20.1% (SAR 286 million) has been recorded as a result of a 13.4% (SAR 924 million) rise in revenue. The rise in the company’s revenue was mainly due to the increase in the demand for the company’s IT and managed operational services by 19.9%, core ICT services by 13%, and digital services by 7.4%.
Commenting on the results, solutions by stc CEO Eng. Omer Abdullah Alnomany said, “Our financial results reflect our continued growth throughout 2021, which was driven by an abundance of ICT market opportunities. We are determined to strengthen our position as the leader of the Saudi ICT market and as the accelerator of digital transformation of government and private sector stated in the ambitious Saudi vision 2030”.For the past six years, solutions by stc has been the market leader of the Saudi IT sector with an estimated market share reaching 18.8%.