Latest news with #098
Zawya
28-04-2025
- Business
- Zawya
Saudi: STC reports strong first-quarter 2025 results with 11% rise in net profit
Saudi Arabia - stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics. Revenues for the first quarter reached SR19,210 million, an increase of 1.60% compared to the same quarter last year. Gross profit rose to SR9,098 million, marking a 5.01% increase year-on-year, while operating profit reached SR3,584 million, up 2.02%. Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) climbed to SR6,120 million, reflecting a 5.25% growth compared to the comparable quarter last year. Net profit for the first quarter rose to SR3,649 million, an increase of 11.05%. In line with its dividends distribution policy approved by the General Assembly, stc announced a distribution of SR0.55 per share for the first quarter of 2025. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, emphasized that the Group's ambitious strategy and forward-looking vision had delivered an excellent performance in the first quarter. He noted the company's achievement of 1.60% revenue growth, 5.01% gross profit growth, and an impressive 11.05% rise in net profit compared to the same period last year. The GCEO affirmed that these results reflect the Group's unwavering commitment to innovation, operational efficiency, sustainable growth, and creating added value for shareholders, customers, and the broader digital economy. Eng. Alwetaid also highlighted several strategic milestones achieved early in 2025, further strengthening stc's position in the telecommunications and information technology sector. Among these was a new global milestone as the Group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain the SAS-UP license certification from the GSMA. The GCEO stressed that this achievement complements stc's ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the Kingdom. In line with its commitment to enhancing the region's digital communication infrastructure, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This project, beginning with the Saudi-Oman corridor, aims to enhance regional connectivity by creating an integrated ground fiber network with two backup routes, linking submarine cable landing stations on the Red Sea in Saudi Arabia to counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both countries. This agreement reaffirms stc Group's commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region's economic growth. Additionally, stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group's ability to deliver advanced technological solutions tailored to diverse sectors, reaffirming its commitment to advancing an integrated digital economy and leading the future of smart technology in the Kingdom and beyond. In a further demonstration of its commitment to excellence in digital services, stc enhanced its telecommunications network at the Two Holy Mosques during the holy month of Ramadan. By strengthening its infrastructure to meet peak demand, the Group achieved a 120% increase in connection speeds, ensuring an exceptional communication experience for visitors during the busiest periods. Finally, stc Group reaffirmed its commitment to continuing its pioneering journey by enabling digital transformation and driving national economic growth through strategic initiatives that empower various sectors. The Group aims to further solidify its position as a key partner in building a sustainable digital future aligned with the Kingdom's aspirations and its vision for a diversified, innovation-driven economy. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Asharq Al-Awsat
27-04-2025
- Business
- Asharq Al-Awsat
stc Group Net Profit for First Quarter of 2025 Increases 11.05%
Saudi Arabia's stc announced on Sunday the company's preliminary financial results for the first quarter ending March 31, reporting revenues of SAR19,210 million, a 1.60% increase year-over-year. Gross profit rose by 5.01% to SAR9,098 million, operating profit increased by 2.02% to SAR3,584 million, and EBITDA grew by 5.25% to SAR6,120 million. Net profit for the quarter reached SAR3,649 million, representing an 11.05% increase compared to the same period last year. According to a statement issued by stc, the group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly. Commenting on the results, CEO of stc Group Eng. Olayan Alwetaid highlighted that the group's achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth, as well as its relentless pursuit of creating added value for shareholders, customers, and the digital economy as a whole. He further added that, early in 2025, stc Group achieved several strategic milestones that further solidified its position in the telecommunications and information technology sector. Among these achievements was a new global milestone, as the group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain SAS-UP license certification from the GSMA. He emphasized that this accomplishment complements stc's ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the Kingdom. In continuation of the group's efforts to enhance the digital communication infrastructure in the region, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This strategic partnership aims to enhance the digital communication infrastructure in the region through the project, which starts with the Saudi-Oman corridor. The project will also create an integrated ground fiber network with two backup routes, connecting submarine cable landing stations on the Red Sea in Saudi Arabia to their counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both countries. This agreement reaffirms the Group's commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region's economic growth. The statement added that stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group's ability to deliver advanced technological solutions tailored to the diverse needs of various sectors, while reaffirming its commitment to driving the shift toward an integrated digital economy and leading the future of smart technology in the Kingdom and beyond. Furthermore, as part of its commitment to providing the highest quality of digital services, stc Group enhanced its telecommunications network in the Two Holy Mosques during the holy month of Ramadan by strengthening its infrastructure to meet the growing demand for services during peak times. This upgrade resulted in a 120% increase in connection speed, enabling the Group to ensure an exceptional communication experience for visitors to the holy sites during the peak visitor periods.
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
stc reports strong first-quarter 2025 results with 11% rise in net profit
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics. Revenues for the first quarter reached SR19,210 million, an increase of 1.60% compared to the same quarter last year. Gross profit rose to SR9,098 million, marking a 5.01% increase year-on-year, while operating profit reached SR3,584 million, up 2.02%. Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) climbed to SR6,120 million, reflecting a 5.25% growth compared to the comparable quarter last year. Net profit for the first quarter rose to SR3,649 million, an increase of 11.05%. In line with its dividends distribution policy approved by the General Assembly, stc announced a distribution of SR0.55 per share for the first quarter of 2025. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, emphasized that the Group's ambitious strategy and forward-looking vision had delivered an excellent performance in the first quarter. He noted the company's achievement of 1.60% revenue growth, 5.01% gross profit growth, and an impressive 11.05% rise in net profit compared to the same period last year. The GCEO affirmed that these results reflect the Group's unwavering commitment to innovation, operational efficiency, sustainable growth, and creating added value for shareholders, customers, and the broader digital Alwetaid also highlighted several strategic milestones achieved early in 2025, further strengthening stc's position in the telecommunications and information technology sector. Among these was a new global milestone as the Group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain the SAS-UP license certification from the GCEO stressed that this achievement complements stc's ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the line with its commitment to enhancing the region's digital communication infrastructure, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This project, beginning with the Saudi-Oman corridor, aims to enhance regional connectivity by creating an integrated ground fiber network with two backup routes, linking submarine cable landing stations on the Red Sea in Saudi Arabia to counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both agreement reaffirms stc Group's commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region's economic stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group's ability to deliver advanced technological solutions tailored to diverse sectors, reaffirming its commitment to advancing an integrated digital economy and leading the future of smart technology in the Kingdom and a further demonstration of its commitment to excellence in digital services, stc enhanced its telecommunications network at the Two Holy Mosques during the holy month of strengthening its infrastructure to meet peak demand, the Group achieved a 120% increase in connection speeds, ensuring an exceptional communication experience for visitors during the busiest stc Group reaffirmed its commitment to continuing its pioneering journey by enabling digital transformation and driving national economic growth through strategic initiatives that empower various Group aims to further solidify its position as a key partner in building a sustainable digital future aligned with the Kingdom's aspirations and its vision for a diversified, innovation-driven economy.
The Star
24-04-2025
- Business
- The Star
UK to ban 'sim farms' used by scammers to send mass fraud messages
The government said the devices are used by criminals to hold multiple SIM cards, which as well as allowing scammers to send out thousands of messages to people at the same time, can also be used to create verified accounts on social media and other platforms in large volumes. — Designed by freepik LONDON: SIM farm devices capable of holding multiple SIM cards enabling scammers to send thousands of scam text messages at once are to be banned under UK government plans to crack down on fraud. The ban, the first of its kind in Europe, will make the possession or supply of the devices without good reason illegal, with unlimited fines in England and Wales and a £5,000 (RM29,098 or US$6,600) fine in Scotland and Northern Ireland. The government said the devices are used by criminals to hold multiple SIM cards, which as well as allowing scammers to send out thousands of messages to people at the same time, can also be used to create verified accounts on social media and other platforms in large volumes. The UK Home Office said recent data showed fraud had increased last year by 19%, and now accounts for more than 40% of all reported crime in England and Wales. UK Fraud Minister David Hanson said: "Fraud devastates lives, and I am determined to take the decisive action necessary to protect the public from these shameful criminals. "Two-thirds of British adults say they've received a suspicious message on their phone – equivalent to more than 35 million people – which is why cracking down on SIM farms is so vital to protecting the public. "This marks a leap forward in our fight against fraud and will provide law enforcement and industry partners with the clarity they need to protect the public from this shameful crime. "This Government will continue to take robust action to protect the public from fraud and deliver security and resilience through the Plan for Change." Nick Sharp, deputy director for fraud at the National Crime Agency (NCA), said: "Fraud is the crime we are all most likely to experience, and one that causes victims significant emotional and financial harm. "We know that fraud at scale is being facilitated by SIM farms, which give criminals a means and an opportunity to contact victims at scale with relative ease. "The ban announced today is very welcome. It will give us a vital tool to step up our fight against fraudsters, target the services they rely on, and better protect the public." The government said the new ban will come into effect six months after the Crime and Policing Bill receives royal assent. Scam text messages have become an increasingly common problem in recent years, with mobile operators regularly introducing new technology to help spot and block them before they reach the public. Rachel Andrews, head of corporate security at Vodafone UK, said the ban on SIM farms was an "important step" in preventing fraud. "Vodafone UK is committed to protecting all our customers from fraud, including activity enabled by SIM farms," she said. "So far this year we have blocked over 38.5 million suspected scam messages, and in 2024 that figure reached over 73.5 million for the year. "As an industry, UK telecoms operators have blocked more than one billion suspected scam messages since 2023. "However, we cannot fully tackle fraud in isolation; collaboration between industry and government is crucial. "This is a really important step taken by the Home Office and we fully support the inclusion of SIM farms in the upcoming legislation. "We look forward to working together on this issue." Shadow home secretary Chris Philp said: "We welcome this move but let's not pretend Labour led the charge. This builds directly on the work the Conservatives did last year to crack down on SIM farms through the Criminal Justice Bill. "These devices are the weapon of choice for fraudsters. We acted to close that loophole, and it's right that Labour are finally scrambling to catch up. "Enforcement is now key, as criminals will always look for new ways to abuse the system. Ministers must ensure this legislation is watertight, or it risks being a ban in name only." – dpa
Zawya
27-02-2025
- Business
- Zawya
Salaries in South Africa surpass expectations with strong January growth
South Africa's salary earners started 2025 on a strong financial footing, with take-home pay reflecting steady growth. According to BankservAfrica's Take-home Pay Index (BTPI)—which tracks the average nominal take-home pay of approximately 4 million salary earners—the average take-home salary surged to R18,098 in January 2025, marking a significant rise from R17,246 in December 2024 and R15,564 a year earlier. 'The upward trend in take-home pay signals positive developments in the earnings landscape,' says Shergeran Naidoo, BankservAfrica's head of Stakeholder Engagements. This growth suggests improved economic conditions, wage adjustments, or sectoral shifts benefiting employees across industries." The upward trend in average salaries started early in 2024, and despite some monthly volatility, nominal take-home pay continues to tick higher. 'This positive remuneration trend evident in the BankservAfrica sample reflects a generally improved business environment, notable moderation in inflation, higher confidence levels in the economy, and three interest rate cuts that have provided much-needed relief,' says Elize Kruger, independent economist. Company profitability also improved during 2024, as reflected in the above inflation increase in the gross operating surplus of companies. The improving environment was also echoed in the sizeable total return on the FTSE/JSE All Share Index in 2024 (+13.4%), reflecting the promising earnings potential of listed companies. In real terms, take-home pay also increased to R15,659 in January 2025, a notable 12.8% up on year-ago levels, and reached its highest level since February 2022, according to Naidoo. This was driven by the significant moderation in consumer inflation during 2025, from 5.3% in January to 3.0% in December, which has had a positive impact on the purchasing power of salary earners. Additionally, the headline CPI averaged 4.4% in 2024, the lowest annual rate since 2020. 'As such, the real take-home pay averaging at R14,292, up by 3.1% in 2024, represented the first real increase in take-home pay since 2020,' says Kruger. On the assumption that inflation will remain well-contained in 2025, with the average headline CPI forecasted to be at 4.2%, 2025 could be the second consecutive year of positive real take-home pay growth. The observed recovery in disposable income has been reflected in healthier retail sales, with real retail sales growth for 2024 at 2.5% higher than the previous year, compared to -1.2% in 2023. Passenger car sales have also started to recover towards the end of 2024, with full-year growth of 1.1% compared to the 4.3% contraction in 2023. The cumulative 75bps reduction in interest rates and Two-Pot Retirement System withdrawals would have supported consumer spending. Salaries expected to improve – provided current conditions hold Looking ahead to 2025, the economic outlook indicates that the salary gains seen in 2024 could continue to strengthen. On the economic front, real GDP growth is forecast to increase by 1.7% in 2025, somewhat higher than in 2024. The acceleration in growth will be driven by a combination of improved household consumption expenditures, higher fixed investment spending, and further advances in structural reforms. An ongoing focus on improving South Africa's electricity generation capacity, addressing supply-chain blockages relating to freight rail and port operations, and upgrading water infrastructure, among others, are much-needed actions to propel the economy forward. 'The anticipated improvement in the business environment is expected to enable companies to offer more substantial salary increases in 2025, which in combination with a moderate inflation environment, could mean a second consecutive year of a real increase in take-home pay,' says Kruger. However, if the 2025 National Budget had been tabled with the 2% VAT increase, it would have derailed the positive inflation outlook somewhat, eroding the fragile recovery in the purchasing power of salary earners. 'While we await the revised budget on 12 March 2025, the postponement has introduced uncertainty, raising concerns about its potential impact on the economy's recovery prospects,' ends Kruger.
