Bank AlJazira honored for backing social initiatives

Bank AlJazira honored for backing social initiatives
Updated 28 December 2013

Bank AlJazira honored for backing social initiatives

Bank AlJazira honored for backing social initiatives

In a new exceptional achievement for Saudi business entities and in recognition of its efforts in social responsibility, Bank AlJazira was granted the Ideal Institution in Support of Social and Developmental Action Award at a special ceremony held during the 30th meeting of GCC Council of Ministers of Social Affairs, organized recently in Bahrain.
Nabil bin Dawood Al-Hoshan, CEO of Bank AlJazira, received the award from Bahraini Minister of Social Development Fatima bin Mohammed Al-Balooshi. The award comes after the bank was nominated by the Saudi Ministry of Labor and Social Affairs, in recognition of its constant efforts and outstanding programs in social responsibility.
Al-Hoshan said: “Social responsibility, and social and developmental action are considered a priority to us, and an essential part of the bank’s corporate culture, thus we strive to enhance it and maintain its high standards, while carrying out various operations in the bank. The efforts exerted by companies to both improve revenues and to enforce social action will integrate together to maximize the role played by such companies in achieving sustainable development in the societies they operate in.”
Al-Hoshan added: “We, in Bank AlJazira, are very grateful and honored to receive such recognition, and thankful for the opportunity the Saudi Ministry of Labor and Social Affairs, and the GCC Council of Ministers granted us through this valuable initiative. Such awards help to cultivate the culture of social and developmental action among leading companies in the GCC region, hence supporting various segments of society in the region.”


STC’s Q4 net profit jumps 15.6% to $714m

STC’s Q4 net profit jumps 15.6% to $714m
Updated 25 January 2021

STC’s Q4 net profit jumps 15.6% to $714m

STC’s Q4 net profit jumps 15.6% to $714m

STC’s net profit for the fourth quarter (Q4) of 2020 reached SR2.68 billion ($714 million), an increase of 15.6 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the net profit reached SR11.08 billion, an increase of 3.94 percent.

The revenues for Q4 reached SR15.21 billion — an increase of 14.69 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the revenues reached SR58.94 billion, an increase of 8.43 percent.

The gross profit for Q4 reached SR8.48 billion, an increase of 1.54 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the gross profit reached SR33.99 billion, an increase of 4.96 percent.

The operating profit for Q4 reached SR3.29 billion, an increase of 37.08 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the operating profit reached SR12.81 billion, an increase of 2.69 percent.

The earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for Q4 reached SR5.716 million — an increase of 14.62 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the EBITDA reached SR22.175 billion, an increase of 4.28 percent.

Nasser bin Sulaiman Al-Nasser, STC Group CEO, said the company has achieved the highest annual revenue in the past eight years. This achievement was primarily due to the increased demand for STC’s services and products, and the company’s ability to meet this demand promptly and efficiently, especially during the COVID-19 pandemic.

The STC Consumer Business Unit’s revenue has grown as a result of 27.5 percent increase in FTTH (fiber-to-the-home) and 10.6 percent increase in broadband subscribers, in addition to a 9 percent increase in data revenue during the current period compared to the previous period.

Further, the Enterprise Business Unit’s revenue has also increased during the 12-month period, by 24.6 percent, due to the company’s ability to provide the necessary support and innovative services to its customers in order to accelerate their digital infrastructure transformation. Despite the challenges faced by the Wholesale Business Unit due to the travel ban and its impact on international roaming revenues, the unit’s revenue increased during 2020 as well. Moreover, the revenue generated by STC’s subsidiaries grew by 13.8 percent during the current year, which contributed positively to achieving these results.

Al-Nasser highlighted STC’s success as a digital enabler for the Saudi G20 presidency, where STC provided critical telecommunications and digital services for all meetings as well as expanded the 5G network by 130 percent to accommodate the increase in digital services during the G20 summit.

Recently, the company launched three mega data centers in Riyadh, Jeddah and Madinah with the aim of enabling the digital transformation of the government and private sectors and strengthening the cloud infrastructure for the local digital economy in the fields of artificial intelligence, Internet of Things and cloud computing, in line with the Kingdom’s Vision 2030 goals.

Additionally, in order to enhance the infrastructure and accelerate the growth of the local digital economy, STC also signed a $500 million non-binding MoU to invest in the field of cloud services with Alibaba Cloud, the digital technology and artificial intelligence arm of the Alibaba Group.

STC Group was re-elected to the board of directors of the Global System for Mobile Communications Association (GSMA), following its win in the elections comprising the world’s 25 top telecommunications companies.

As part of STC’s strategy to support and develop the financial sector in the Kingdom, STCPay signed an agreement with Western Union to sell an equity stake of 15 percent at a value of SR750 million ($200 million), where the proceeds will be used to develop the company and support its expansion plans.