stc announces its financial results for Q1
stc HQ
Kuwait 4 May 2024: 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 three months period ended 31 March 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: “The first quarter of 2024 witnessed many financial and operational achievements for Kuwait Telecommunications Company (stc) due to the continuous and increasing demand for ICT and digital solutions for both the individual and the enterprise sectors. The company has been keen on seizing available opportunities to support its business through expanding its business model and efficiently managing its internal operations. Additionally, the expansion of stc services has had a significant impact on enhancing the company’s position as a leader in the telecommunications industry, alongside its ability to increase its market share in a highly competitive market, by achieving new revenue streams.”
The strategic transformation in the company’s operations, pursued by stc in previous years, has reflected its ability to keep pace with the latest global developments by providing fixed telecommunications services and information technology (ICT services), in addition to providing comprehensive innovative solutions, technical solutions, fixed and broadband services, integration systems, cloud services, 5G services, IoT, and data analysis for individual clients and enterprise sectors. stc has managed to excel through leveraging its most advanced network and benefiting from the expertise of its specialized subsidiaries in providing fixed ICT services, and to provide the enterprise sector with comprehensive, integrated, and innovative digital solutions of high quality.”
Commenting on the announcement of the financial results as of March 31st of 2024, Aldharrab stated that: “stc has achieved good financial results during the first quarter of 2024, with total revenues reaching KD 87.4 mn by the end of March 2024 with a growth rate of 0.9% compared to KD 86.6 mn during the same period last year. The main reason for this growth is attributed to the increase in customer sector revenues, which constitute 75% of total revenues. Meanwhile, business sector revenues accounted for 25% of stc’s total revenues during the first three months of 2024, as 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 1.1% to reach KD 21.8 mn in the first three months of 2024 compared to KD 21.6 mn during the same period in 2023 supported by the increase in the Company’s revenue. As a result, the Company’s net profit increased by 7.0% to reach KD 8.8 mn (EPS 9 Fils) in the first three months of 2024 Compared with KD 8.2 mn (EPS 8 Fils) in the same period last year. Whereby, stc’s customer base reached approx. 2.3 mn customers at the end of March 2024”.
Commenting on the announcement of stc’s financial results for the three months ended March 31, 2024, Aldharrab noted: “stc’s total assets reached KD 467.1 mn by the end of March 2024, while the total equity of the company’s shareholders amounted to KD 217.8 mn. Furthermore, stc has a strong solvency position amongst the telecom companies in the Middle East.
Regarding stc’s CSR framework, Eng. Aldharrab indicated that Q1 2024 witnessed a number of community and interactive activities through activating and enhancing initiatives that are the key pillars of stc’s CSR integrated and sustainable program in collaboration with various charitable organizations, as well as institutions in the government and private sectors respectively. Whereby, stc’s programs and initiatives in Q1 2024 were diverse and sustainable, each targeting specific community needs and causes that coincided the Company’s values and beliefs.
As stc envisions a sustainable future in line with the overall corporate strategy, the CSR program focused on activating sustainable development partnerships within a series of various initiatives that were launched in line with stc’s 2024 sustainability program titled “small move, Big Impact” which aims to increase awareness and adopting long-term sustainable practices, that will leave a positive impact for future generations. stc will continue to implement community programs aimed at promoting long-term development, focusing on key areas such as education, environmental sustainability, sports and health, youth empowerment, and entrepreneurship.”
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 telecommunications companies, meet customer needs, and provide 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 with the support of 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.”
Provided by SyndiGate Media Inc. (Syndigate.info).