SABB celebrates Riyadh on World Cities Day

As part of the campaign, SABB hung a mural on the bank’s head office building, drawn by Saudi artist Noura Bouzo, embodying the ancient history of Riyadh.
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Updated 02 December 2020

SABB celebrates Riyadh on World Cities Day

SABB celebrates Riyadh on World Cities Day

On the occasion of the UN’s World Cities Day, celebrated each year on Oct. 31, the Saudi British Bank (SABB) launched a campaign to show the urban development of Riyadh city, starting from infrastructure projects aimed at improving the quality of life to the organizational initiatives that have contributed to attracting glob- al investors.

SABB prepared an introductory report titled “My City” that was published on the bank’s website and distributed to individual and corporate clients inside and outside the Kingdom. This is in addition to publishing a brief on the website, mentioning the most prominent features of the developments taking place in the Kingdom at different levels, to support programs for sustainable and balanced growth, improving business environment, attracting foreign investment, and encour- aging innovation.

The “My City” report focuses on the role of the Kingdom’s Vision 2030, as it is a transformative initiative aimed at developing the Kingdom’s economy, in addition to the positive impact that it had on Riyadh, considering that it is the capital and the main business center in the Kingdom. These developments are ex- pected to further contribute to improving the appearance and image of the city. The report also referred to the investments made by the Saudi government throughout history in order to enhance and develop other social services such as health, education and entertainment.

SABB has livened up its campaign to celebrate the city of Riyadh on this global occasion, by hanging a mural on the bank’s head office building, drawn by a young Saudi artist, Noura Bouzo, embodying the ancient history of Ri-yadh and its promising future. SABB is a licensed financial institution operating under the Saudi Arabian Monetary Authority’s supervision and control. The bank was established in 1978 as a Saudi joint stock company. It is an associate company of the HSBC Group.

SABB offers integrated financial and banking services including personal banking, corporate banking, investment, private banking and treasury. The bank’s paid-up capital is SR20.5 billion ($5.4 billion) after its legal merger with Alawwal Bank, to become one entity and one of the largest banks in the Kingdom.


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.