KD 175.6m stc’s revenues for first six months of 2024; net profit KD 16.9m

Kuwait: Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, announced its financial results for the six months period ended June 30, 2024, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during 2024.

In this regard, Eng Muataz Abdullah Aldharrab, the company’s CEO, stated: “Kuwait Telecommunications Company (stc) managed to achieve good financial and operational results during the second quarter of 2024, due to the continuous and increasing demand for ICT and digital solutions for both the individual and the enterprise sectors. Since the beginning of the year, the company has been keen on implementing its corporate strategy focused on market leadership, through enhancing its portfolio of products and services while actively seizing potential opportunities that support stc’s business model and efficiently optimizing its internal operations.

Additionally, stc continually strives to strengthen its position as a leading telecommunications company and to increase its market share in a highly competitive industry. This ambition is driven by expanding its business into new areas of sustainable growth, focusing on developing its infrastructure, and offering cutting-edge solutions specifically designed to meet the evolving needs of both the individual and enterprise customers.” Aldharrab added, stc proudly announced that stc group maintained its position as the most valuable telecom brand in the Middle East for the fourth consecutive year, confirming its leadership status amongst the top five strongest telecom brands in the world, based on the latest report issued by “Brand Finance Global 500”.

stc also consistently strives to stay abreast of the latest global developments by offering fixed telecommunications services, information technology, and the best integrated solutions in the fields of communications and networks in addition to providing advanced technical solutions, fixed services, broadband, system integration, cloud, 5G, Internet of Things (IoT), and data analytics services for the individual and enterprise customers. By implementing strategic business transformation plans, stc has leveraged its highly advanced network and the expertise of its specialized subsidiaries in fixed-line telecommunications and information technology to excel in providing comprehensive, high-quality, and innovative digital solutions.”

 

Commenting on the announcement of the financial results as of June 30, 2024, Aldharrab stated that: “stc has achieved good financial results during the first half of 2024, with total revenue reaching KD 175.6 million by the end of June 2024 with a growth rate of 0.6 percent compared to KD 174.6 million during the same period last year. The main reason for this growth is attributed to the increase in the Consumer sector revenues, which constitute 73 percent of total revenues. Meanwhile, Business sector revenues accounted for 27 percent of the company’s total revenue during the first six months of 2024. Overall, the growth in stc’s revenue is a result of expanding the company’s business model, developing digital services, and providing integrated technical solutions to companies in various fields.”

Aldharrab added: “These outcomes resulted in a growth of EBITDA by 2.2 percent to reach KD 43.1 million in the first six months of 2024 compared to KD 42.1 million during the same period in 2023 supported by the increase in stc’s revenue. As a result, the company’s net profit increased by 5.0 percent to reach KD 16.9 million (EPS 17 fils) in the first six months of 2024 compared with KD 16.1 million (EPS 16 fils) in the same period last year. The increase in net profit is mainly attributed to the cost optimization program and enhancing the company’s operational efficiency at both stc and its subsidiaries. Whereby, stc’s customer base stands at approx. 2.3 million customers at the end of June 2024”.

Commenting on the company’s financial position as of June 30, 2024, Aldharrab said, “stc’s total assets reached KD 435.9 million by the end of June 2024, while the total equity of the company’s shareholders amounted to KD 225.8 million. Furthermore, stc has a strong solvency position amongst the telecom companies in the Middle East. As stc envisions a sustainable future, stc will continue to launch sustainability programs which aim to increase awareness and adopting long-term sustainable practices. stc also directs its efforts on the CSR program while focusing on activating sustainable development partnerships with entities and institutions from the government and private sectors, with whom we share same goals and values within a series of various initiatives to contribute to creating positive change and enhancing Culture of social responsibility.”

Aldharrab noted: “Driven by the importance of stc’s financial strategy in allocating its resources in a manner that serves the company’s interests to remain at the forefront of the telecommunications companies in addition to meeting customer needs, and providing an added value to shareholders, stc is committed to periodically review and continuously update all the factors that may affect the financial strategy. stc continues to successfully implement numerous strategic projects concerning transformation and synergies with the support of the digital solutions that align with the company’s strategic and financial objectives to enhance operational efficiency and regulatory practices, as well as achieving excellence in treasury management operations.”