Saudi STC sells land worth $367 million

The Saudi Telecom Company (STC) announced, on Wednesday, the sale of land owned by it for 1.37 billion riyals ($366.93 million).

The company said in a statement to the Saudi market that this value “does not include the real estate transaction tax and the pursuit commission.”

It has indicated that the land is located in the city of Al-Khobar, in the Al-Murjan neighborhood, south of Al-Azizia district, on King Fahd Road.

The company stated that it would use the amount collected from the deal to achieve its strategy of growth and expansion.

It will maximize the total return to shareholders by increasing and diversifying investments and seizing the expected growth opportunities in the Kingdom’s communications and information technology sectors and the region.”

STC achieved net profits in the third quarter of the year 2022, amounting to 3.54 billion riyals ($ 942.7 million).

 The company’s net profits in a period of 9 months amounted to 9.41 billion riyals (about 2.5 billion dollars).

Investors are awaiting the company’s announcement of its business results for the fourth quarter of last year and announcing its results for 2022.


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