28/10/2024
Share:
28/10/2024
Share:
KUWAIT CITY, October 28: 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 nine months period ended 30 September2024, 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) continues its leadership aspirations by achieving solid financial and operational results during the first nine months of 2024, reinforcing its role as a key contributor to Kuwait’s digital transformation. stc continuously ensures addressing market needs, particularly with the increasing demand for advanced ICT solutions, by delivering the latest comprehensive and integrated digital and technical services and solutions for both individual and enterprise sectors. Our efforts are focused on innovation in our product offerings to enhance customer experience and strengthen our market share within the competitive environment.
stc has also taken further steps during this period to diversify its growth avenues by enhancing its business model in line with the continuous changes in the telecom market. Our ongoing investments in advanced infrastructure and digital systems reaffirm our long-term vision to maintain our position as a trusted telecom operator and digital service provider."
Aldharrab added: "During the third quarter of 2024, stc concluded several agreements and partnerships, most notably signing a contract with the Ministry of Electricity, Water and Renewable Energy to supply smart electricity meters. Furthermore, stc is working diligently to launch advanced 5.5G services in compliance with the decision of Kuwait’s Communication and Information Technology Regulatory Authority (CITRA).
While these projects highlight our commitment to fostering innovation and delivering excellence in service, stc is also proud to have received the “ICT – Telecommunications Award – Kuwait” for the 5G Technology at the Middle East Technology Excellence Awards that reflects our ongoing efforts to enable digital transformation in Kuwait.
Driven by the company’s strategic pillar of providing a supportive and inclusive environment for employees, stc has been ranked as the ideal employer of choice in Kuwait for Information Technology and Engineering Professionals, according to Universum custom research - 2024.
In line with global trends, stc has focused on driving technological advancement by offering fixed communications connectivity services and IT solutions, providing the best integrated telecommunications and network solutions, in addition to advanced technology services, fixed broadband, system integration, cloud services, 5G services, Internet of Things (IoT), and data analytics for both individual and enterprise customers, through implementing strategic business transformation plans. By leveraging its highly developed network along with the expertise of its subsidiaries specializing in fixed communications connectivity services and information technology, stc has distinguished itself by delivering high-quality, comprehensive, and innovative digital solutions to the business sector."
Commenting on the announcement of the financial results as of September 30th of 2024, Aldharrab stated that: “stc has achieved good financial results during the nine months of 2024, with total revenue reaching KD 261.8 mn by the end of September 2024 with a growth rate of 0.8% compared to KD 259.8 mn 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% of total revenues. Meanwhile, Business sector revenues accounted for 27% of the company's total revenue during the first nine months of 2024. Overall, the growth in stc’s revenue is a result of our efforts to improve 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 1.2% to reach KD 63.7 mn in the first nine months of 2024 compared to KD 63.0 mn during the same period in 2023 supported by the increase in stc’s revenue. As a result, the Company’s net profit increased by 1.4% to reach KD 24.7 mn (EPS 25 Fils) in the first nine months of 2024 compared with KD 24.4 mn (EPS 24 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. stc’s customer base stands at approx. 2.3 mn customers at the end of September 2024”.
Commenting on the company's financial position as of September 30, 2024, Aldharrab said “stc’s total assets reached KD 441.7 mn by the end of September 2024, while the total equity of the company's shareholders amounted to KD 233.7 mn. It is worth noting thatstc has a strong solvency position amongst the telecom companies in the Middle East.
Looking towards a sustainable future, stc is committed to launching impactful sustainability programs aimed at raising awareness and promoting long-term sustainable practices. Through which, we aim to create a positive impact and elevate the culture of social responsibility in Kuwait, aligning with both national and global sustainable development goals."
Aldharrab emphasized:“stc remains dedicated to maintaining a balanced financial strategy to ensure the efficient allocation and optimization of company resources, in addition to aligning its financial decisions with long-term goals. This financial strategy supports the company’s ability to effectively manage risks while improving cash flows, making informed management decisions, identifying growth opportunities, and enhancing shareholders’ confidence. stc is also focused on developing its corporate and financial strategies to serve Kuwait’s digital transformation, while maximizing synergies between our digital solutions and financial objectives, enhancing operational efficiency, and implementing robust regulatory practices. This will help us in strengthening our position as a leading company in innovation and operational excellence.”
