Saudi stc Group Becomes MENA's Largest Telecom Operator with $57.7 Billion Market Cap
Saudi telecom giant stc Group leads the MENA region in market value, surpassing rivals including UAE's e& and Qatar's Ooredoo.
Saudi Arabia’s stc Group has solidified its position as the largest listed telecom operator in the Middle East and North Africa (MENA), with a market capitalization of $57.7 billion as of January 28, 2024, according to Forbes analysis.
The company surpasses regional telecom giants such as UAE’s e&, Mobily (Etihad Etisalat), Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which round out the top five telecom firms in the region.
Collectively, the top five telecom companies in MENA account for $132 billion in market capitalization, representing 84.7% of the total market value of the 16 publicly listed telecom operators in the region.
Stc’s share price saw a 2% year-on-year increase, reaching SR43.3 ($11.6) as of January 28. The stock rose by 0.34% on February 2, trading at SR43.65 by 12:30 p.m. Saudi time.
The company reported a net profit of SR11.23 billion for the first nine months of 2024, reflecting a 2% year-on-year growth.
The company’s financial arm, STC Bank, was recently granted a non-objection certificate from the Saudi Central Bank, making it the first licensed digital financial institution in Saudi Arabia.
This move aligns with the country’s broader digital transformation agenda, aiming to enhance competition and ensure financial stability.
According to Forbes, stc’s mobile subscriber base in Saudi Arabia grew by 7.9% year on year to reach 27.6 million by the end of the third quarter of 2024. The company also saw a 2.3% increase in fixed-line subscribers, totaling 5.7 million.
However, stc’s Kuwaiti arm experienced a 4.2% decline in its mobile subscriber base, which stood at 2.3 million by the end of Q3.
The Saudi Public Investment Fund holds a 62% stake in stc Group.
Among its regional competitors, e& holds the second-largest market capitalization at $41.1 billion, followed by Mobily with a valuation of $12 billion.
Mobily’s stock rose by 14.5% year on year to SR58.4 on January 28, and the company posted a 43% increase in net profit to SR2.12 billion for the first nine months of 2024. The company’s subscriber base grew by 1.5% to 11.7 million.
Ooredoo Group ranks fourth with a market cap of $11.4 billion, while Emirates Integrated Telecommunications holds a valuation of $9.8 billion.
The company surpasses regional telecom giants such as UAE’s e&, Mobily (Etihad Etisalat), Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which round out the top five telecom firms in the region.
Collectively, the top five telecom companies in MENA account for $132 billion in market capitalization, representing 84.7% of the total market value of the 16 publicly listed telecom operators in the region.
Stc’s share price saw a 2% year-on-year increase, reaching SR43.3 ($11.6) as of January 28. The stock rose by 0.34% on February 2, trading at SR43.65 by 12:30 p.m. Saudi time.
The company reported a net profit of SR11.23 billion for the first nine months of 2024, reflecting a 2% year-on-year growth.
The company’s financial arm, STC Bank, was recently granted a non-objection certificate from the Saudi Central Bank, making it the first licensed digital financial institution in Saudi Arabia.
This move aligns with the country’s broader digital transformation agenda, aiming to enhance competition and ensure financial stability.
According to Forbes, stc’s mobile subscriber base in Saudi Arabia grew by 7.9% year on year to reach 27.6 million by the end of the third quarter of 2024. The company also saw a 2.3% increase in fixed-line subscribers, totaling 5.7 million.
However, stc’s Kuwaiti arm experienced a 4.2% decline in its mobile subscriber base, which stood at 2.3 million by the end of Q3.
The Saudi Public Investment Fund holds a 62% stake in stc Group.
Among its regional competitors, e& holds the second-largest market capitalization at $41.1 billion, followed by Mobily with a valuation of $12 billion.
Mobily’s stock rose by 14.5% year on year to SR58.4 on January 28, and the company posted a 43% increase in net profit to SR2.12 billion for the first nine months of 2024. The company’s subscriber base grew by 1.5% to 11.7 million.
Ooredoo Group ranks fourth with a market cap of $11.4 billion, while Emirates Integrated Telecommunications holds a valuation of $9.8 billion.
