Olayan Al Wetaid, stc Group CEO

Olayan Al Wetaid, stc Group CEO, said that the enterprise business unit reported revenue growth of 16.3% for the first quarter of 2022.

This growth was spurred by strong demand from the public and private sectors for innovative products and services, and the company’s ability to fulfil the various needs of its clients, Al Wetaid commented on the first-quarter financial results.

Furthermore, the consumer business unit registered a top-line rise of 5.9%, supported by the growth in fiber-to-the-home (FTTH) subscribers by 4.4%, fixed wireless access (FWA) subscribers (8.3%) and working lines (4.6%).

Moreover, the wholesale business unit also contributed positively to the company’s performance, registering 7.6% revenue growth, backed by 20.6% rise in its international revenue.

stc’s Q1 2022 net profit grew by 3% to SAR 3.035 billion, from SAR 2.952 billion in the year-earlier period, Argaam reported.