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  • Saudi Flag
    FIRST LOOK NOTES
    04 Aug 2026
    Saudi Telecom Co (STC)
    BUY
    SAR 43.40
    SAR 50.00
    +15.21%

    Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - First Look Note

    Mobile subscribers in KSA rose 4.8% YOY to 30.3 Mn, while fixed subscribers expanded 3.0% YOY to 6.1 Mn in 1H26. STC expanded its 5G tower footprint to 12.12K sites, while fiber-connected households increased 5.2% YOY to 3.87 Mn during 1H26.
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  • Saudi Flag
    EARNINGS CALL INSIGHT
    03 Aug 2026
    Saudi Telecom Co (STC)
    BUY
    SAR 43.56
    SAR 50.00
    +14.78%

    Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - Earnings Call Insight

    STC Group (“STC, “the Company”) revenue grew 3.7% YOY to SAR 20.1 Bn in 2Q26, primarily attributable to increases in Commercial unit revenue by 0.9% YOY, Business unit revenue by 8.4% YOY, Carriers and Wholesale unit revenue by 11.4% YOY, and subsidiaries revenue by 3.5% YOY.
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  • Saudi Flag
    FIRST LOOK NOTES
    27 Feb 2026
    Saudi Telecom Co (STC)
    BUY
    SAR 41.82
    SAR 50.00
    +19.56%

    Saudi Equity Research - Saudi Telecom Company (STC) 4Q25 - First Look Note

    Mobile subscribers in KSA rose 5.9% YOY to 30.0 Mn in 4Q25, while fixed subscribers expanded 5.0% YOY to 6.0 Mn. The Company entered into a strategic partnership with AST SpaceMobile in 4Q25 to deliver space-based telecommunications services.
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  • Saudi Flag
    FIRST LOOK NOTES
    06 Nov 2025
    Saudi Telecom Co (STC)
    ACCUMULATE
    SAR 44.62
    SAR 50.00
    +12.06%

    Saudi Equity Research - Saudi Telecom Company (STC) 3Q25 - First Look Note

    Mobile subscribers in KSA increased 5.9% YOY to 29.24 Mn and fixed subscriber grew 6.4% YOY to 6.05 Mn in 3Q25. Center 3 plans to invest SAR 37.5 Bn to expand data center capacity to 1 gigawatt by 2030, supporting rising AI and cloud computing demand.
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  • Saudi Flag
    FIRST LOOK NOTES
    29 Jul 2025
    Saudi Telecom Co (STC)
    BUY
    SAR 42.12
    SAR 50.00
    +18.71%

    Saudi Telecom Company (STC)- 2Q25 First Look Note

    EBITDA rose 6.9% YOY to SAR 6,168 Mn, while EBITDA margin rose 129 bps YOY to 31.7% in 2Q25. The Company’s KSA mobile subscriber surged 5.7% YOY to 28.93 Mn, whereas the fixed subscriber base grew 5.6% YOY to 5.98 Mn in 2Q25.
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  • Saudi Flag
    FIRST LOOK NOTES
    01 May 2025
    Saudi Telecom Co (STC)
    HOLD
    SAR 47.60
    SAR 50.00
    +5.04%

    Saudi Equity Research - Saudi Telecom Company (STC) 1Q25 - First Look Note

    EBITDA rose 5.2% YOY to SAR 6,120 Mn while EBITDA margin rose by 110 bps YOY to 31.9% in 1Q25. Signed a SAR 32.64 Bn contract with a government entity to build and operate telecom infrastructure over 15 years, with revenues starting in 4Q26.
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  • Saudi Flag
    FIRST LOOK NOTES
    13 Mar 2025
    Saudi Telecom Co (STC)
    HOLD
    SAR 44.00
    SAR 46.00
    +4.55%

    Saudi Equity Research - Saudi Telecom Company (STC) 4Q24 - First Look Note

    EBITDA expanded 13.6% YOY to SAR 5,570 Mn in 4Q24. EBITDA margin of the Company expanded by 102 bps YOY to 28.9% in 4Q24. STC Group completed the sale of a 51% stake in TAWAL to PIF. Solutions segment revenue rose 30.1% YOY to SAR 3,731 Mn in 4Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Nov 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 39.70
    SAR 46.00
    +15.87%

    Saudi Equity Research - Saudi Telecom Company (STC) 3Q24 - First Look Note

    STC’s KSA Mobile subscribers rose 7.9% YOY to 27.6 Mn in 3Q24. While fixed subscribers marginally increased 2.3% YOY to 5.7 Mn in 3Q24. STC Group entered into an agreement with Saudi PIF for the sale of a 51% stake in Tawal, tower owning and operating entity of STC, which is expected to operate a portfolio of more than 30K towers.
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  • Saudi Flag
    FIRST LOOK NOTES
    30 Jul 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 38.65
    SAR 46.00
    +19.02%

    Increase in mobile subscribers coupled with higher contributions from subsidiaries drove top-line

    STC Group (“STC, “the Company”) recorded a 9.8% YOY growth in net profit to SAR 3,304 Mn in 2Q24, higher than our estimate of SAR 3,090 Mn.
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