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

SAUDI TELECOM COMPANY

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stc: The reliable digital infrastructure has been key for business continuity in 2020

09/30/2020 | 09:45am EST

Sep 30, 2020

stc: The reliable digital infrastructure has been key for business continuity in 2020

Senior VP for Corporate Affairs at stc, Eng. Abdullah Abdulrahman Al-Kanhal, confirmed that Saudi Arabia's reliable digital infrastructure allowed business to continue with great success across vital sectors in 2020, reflecting a significant leap in the ICT sector.
He noted that a report published by the International Telecommunication Union (ITU) has considered the Kingdom to be among the best countries around the world to successfully leverage technology in dealing with the consequences of the Coronavirus pandemic. According to the report, the Kingdom was able to cope with the effects of the pandemic, from increased data consumption to a higher demand on digital services. Furthermore, Saudi Arabia moved up 40 places in the UN E-Government Survey's ICT digital infrastructure index, ranking 8th among G20 nations and 27th globally.
Al-Kanhal also reiterated stc's commitment to reinforcing its strategic role as a digital transformation enabler in the Kingdom and the region, aiming to increase the sector's economic, social and environmental contributions. He added that this commitment was accompanied by the adoption of best responsible practices and higher standards across the ICT sector.
The Senior VP then noted that the company's first Sustainability Report showed very interesting figures in terms of sustainability, registering a decrease of 18% in electricity consumption within stc's buildings and internal transportation network compared to 2018. The report also found that stc had actively contributed to the access of 3 million households to fiber optic technology and had launched several innovative digital solutions such as stc pay, the largest digital wallet in the region. The report also noted that the company provides 100% of its services through its digital platform, the 'my stc' app.
The Sustainability Report further highlighted stc's support of Saudi entrepreneurs through its InspireU program, acting as an incubator for 28 start-ups and supporting innovation in digital telecommunications. The program has helped create 160,000 job opportunities, either part-time or full-time, and registered a market value of approximately SAR 300 million for the projects it backed. The report added that stc sponsored the development of 22 medical centers across the Kingdom in cooperation with the Ministry of Health through investments valued at SAR 100 million.
The company's sustainability framework includes providing high value digital ICT services and products; and improving communication by encouraging innovative digital opportunities and access to important technologies at reasonable prices by creating and developing the best ICT and digital infrastructures.
Through its sustainability strategy, stc is hoping to enable individuals to build their capacities and enrich their lives and to create value for its key stakeholders, namely its customers, regulators, providers, commercial partners, and investors. Various initiatives to support social development, improve commercial operations, and protect the environment have been launched for this purpose.
Additionally, stc's sustainability framework adopts a unified vision that benefits its key partners in the Kingdom and abroad. The framework was designed in line with national strategic aspirations and global development plans according to the UN Sustainable Development Goals, with the aim of supporting positive change across operations and the ICT sector to contribute to a sustainable future. Areas of focus include doing business with integrity, enhancing economic impact, enriching lives and experiences, expanding access to technology and connectivity, advancing innovative digital opportunities, empowering people, and caring for the environment.

Disclaimer

Saudi Telecom Company SJSC published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2020 13:44:02 UTC


© Publicnow 2020
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Sales 2020 58 248 M 15 530 M 15 530 M
Net income 2020 11 022 M 2 939 M 2 939 M
Net Debt 2020 4 769 M 1 272 M 1 272 M
P/E ratio 2020 19,3x
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Nbr of Employees -
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Mean consensus HOLD
Number of Analysts 13
Average target price 100,39 SAR
Last Close Price 106,80 SAR
Spread / Highest target 18,9%
Spread / Average Target -6,00%
Spread / Lowest Target -16,7%
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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
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