Riyadh – Mubasher: Saudi Telecom Company (stc) hiked its total expenditure on local content, through the Rawafed programme to over SAR 34 billion by the end of 2023.
The performance index, which measured the local content in the previous fiscal year, also increased to 42.89%, according to a press release.
The group's total investment in the Saudi economy exceeded SAR 6 billion through its subsidiaries operating in the Kingdom. The telecom giant contributed to boosting employment rates and supporting the macro-economy, particularly in the telecommunications and information technology sector.
Furthermore, stc posted over 10% growth in the Local Content Index when compared to 2020, and by more than 43% compared with the reference for the information and communications technology (ICT) sector.
By activating a partnership with Jadeer programme, stc backed a total of 134 small and medium-sized enterprises (SME) partners.
It is worth highlighting that the Rawafed programme aligns with the group's Tajarra strategy to reinforce the group's leadership position in the digital economy sector across the Kingdom.
The listed company recently launched the Sustainability Innovation Hub in line with its partnership with GCC Telco Alliance members.
In the first nine months (9M) of 2023, stc recorded a 17.08% hike in net profit after Zakat and tax to SAR 11.02 billion, compared to SAR 9.41 billion in 9M-22.
