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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Telecom Company    7010   SA0007879543

SAUDI TELECOM COMPANY

(7010)
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REFILE-Saudi Telecom's digital payments business plans Gulf expansion

11/23/2020 | 07:48am EST

DUBAI, Nov 23 (Reuters) - The digital payments business of Saudi Arabia's Saudi Telecom Company (STC), stc pay, is in talks with Gulf regulators to seek approval to operate in the United Arab Emirates, Kuwait and Bahrain, its CEO said on Monday.

STC said on Saturday that Western Union, the world's largest money transfer company, has acquired a 15% stake in stc pay for $200 million, valuing the business at $1.3 billion.

"It is - God willing - next year, but is subject to their regulatory approvals," Ahmed Alenazi said of the planned expansion into the UAE, Kuwait and Bahrain.

He said that Egypt was also being discussed, though the Gulf nations were the immediate target. Asked about other markets, such as India, Pakistan and the Philippines, Alenazi said that stc pay would "follow the money".

"We have to add value to the ecosystem. We are not looking just to be a regular player that comes with the same approach. We are looking to be innovative," he said, declining to detail the approach.

Alenazi declined to comment on the company's financials or growth, only saying that growth has been "massive" and that stc pay has 4.5 million active users, with 500,000 people logging into to the application every day.

Stc pay is the first fintech company licensed by the Saudi Arabian Monetary Authority, the Saudi central bank. Alenazi said the business is also hoping to become the kingdom's first licensed digital bank, allowing it to offer additional services such as lending.

Alenazi declined to say whether stc pay plans to go public at some point in the future, saying that would be up to its shareholders.

(Reporting by Yousef Saba Editing by David Goodman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / DIRHAM (EUR/AED) 0.27% 4.4613 Delayed Quote.-0.64%
FAWRY FOR BANKING TECHNOLOGY AND ELECTRONIC PAYMENTS S.A.E. 2.13% 39.32 End-of-day quote.17.30%
SAUDI TELECOM COMPANY -1.41% 111.6 End-of-day quote.5.28%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
WESTERN UNION COMPANY -1.83% 21.96 Delayed Quote.0.09%
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Financials
Sales 2020 57 660 M 15 372 M 15 372 M
Net income 2020 10 998 M 2 932 M 2 932 M
Net Debt 2020 5 618 M 1 498 M 1 498 M
P/E ratio 2020 20,3x
Yield 2020 3,58%
Capitalization 223 B 59 443 M 59 449 M
EV / Sales 2020 3,96x
EV / Sales 2021 3,82x
Nbr of Employees -
Free-Float 29,9%
Chart SAUDI TELECOM COMPANY
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Saudi Telecom Company Technical Analysis Chart | 7010 | SA0007879543 | MarketScreener
Technical analysis trends SAUDI TELECOM COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 102,41 SAR
Last Close Price 111,60 SAR
Spread / Highest target 13,8%
Spread / Average Target -8,23%
Spread / Lowest Target -20,3%
EPS Revisions
Managers and Directors
NameTitle
Nasser Sulaiman A. Al-Nasser Group Chief Executive Officer
Mohammed Khaled Al-Abdullah Al-Faisal Chairman
Haithem Mohammed Al-Faraj Senior VP-Technology & Operations
Ameen Fahad ben Abdulaziz Al-Shiddi Chief Financial Officer
Ibraheem Abdul Rahman Hamd Al-Qadi Independent Director
Sector and Competitors