Riyadh – Mubasher: Saudi Telecom Company (stc) has maintained its top spot as the highest valuable brand in the telecom sector across the Middle East with $13.90 billion, according to Brand Finance Global 500 report for 2024.
stc was the strongest brand in Saudi Arabia in addition to advancing 10 positions to hit 149 in 2024 when compared to being in the 159th place in 2023.
The Saudi telecom operator witnessed a 12% growth in brand value while becoming the first commercial brand in the Middle East to enter the top 150 global list.
In 2023, stc developed the digital infrastructure by injecting SAR 3 billion worth of investment to expand its advanced 5G network to cover more than 75 cities across the Kingdom.
The group also succeeded in expanding globally through strategic takeover transactions, which included the 9.90% equity acquisition of Telefónica for SAR 8.50 billion in 2023. This latest acquisition deal made stc the biggest shareholder in Telefónica.
As for its financial results during the first nine months (9M) of 2023, stc generated SAR 11.02 billion worth of net profits as well as SAR 54.61 billion of revenues.
As for the world’s most valuable brand in Brand Finance Global 500 report for 2024, Apple reclaimed its title by achieving 74% exceptional brand value growth by $219 billion to $517 billion.
