Saudi Arabia’s stc Group has claimed the top spot as the largest publicly listed telecom operator in the Middle East and North Africa, boasting a market capitalization of $57.7 billion as of Jan. 28, according to Forbes.
The ranking places stc ahead of UAE’s e& ($41.1 billion), Saudi Arabia’s Mobily ($12 billion), Qatar’s Ooredoo Group ($11.4 billion), and UAE’s Emirates Integrated Telecommunications Co. ($9.8 billion). Together, these five companies represent 84.7% of the region’s total telecom market value, which stands at $132 billion.
stc’s share price increased 2% year-on-year to SR43.3 ($11.6) on Jan. 28 and rose further to SR43.65 by Feb. 2. The company reported a net profit of SR11.23 billion for the first nine months of 2024, up 2% compared to the same period in 2023.
Notably, stc’s Saudi mobile subscriber base grew by 7.9% year-on-year to 27.6 million, while fixed-line subscribers increased 2.3% to 5.7 million. Meanwhile, stc Kuwait saw a 4.2% decline in mobile subscribers, ending Q3 with 2.3 million users.
The group’s digital financial arm, STC Bank, recently received approval from the Saudi Central Bank to begin operations, making it the Kingdom’s first licensed digital bank. This move aligns with the regulator’s goals of fostering digital transformation and boosting competition in the financial sector.
Saudi Arabia’s Public Investment Fund holds a 62% stake in stc Group, further solidifying its status as a national champion in the telecom sector.
Among its competitors, Mobily posted a 43% net profit increase to SR2.12 billion for the first nine months of 2024, with its stock price climbing 14.5% to SR58.4. The company’s subscriber base grew 1.5% to 11.7 million.