ShareKUWAIT: 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 Sept 30, 2023, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during the first nine months of 2023.
In this regard, Eng Maziad Al-Harbi, stc’s Chief Executive Officer, has stated that: “Kuwait Telecommunications Company (stc) continues to reap its achievements of implementing its corporate strategy and the strategic expansion of its operations throughout the past years. Whereby, stc achieved robust financial and operational results during the first nine months of 2023 demonstrating the company’s commitment to enhance its internal capabilities and expanding its operations to deliver unique services in terms of design and efficiency besides driving the digital transformation process.
In this regard, stc leverages its well-established sophisticated network to provide a wide range of services that meet the different needs of the individual and enterprise sectors. Not to mention the in-depth expertise of its subsidiaries specializing in delivering fixed communication and ICT services, to provide high-quality, innovative, and comprehensive solutions to the enterprise sector.
Driven by stc’s unwavering dedication to expand, innovate and provide services devoted to enhance the customer experience, stc has successfully retained its competitive position in the ICT market in Kuwait through implementing its future corporate strategy. Accordingly, stc is keen to constantly update its corporate strategy in line with the latest developments in the sector in order to enable the Company to capture all the available opportunities in the ICT market in Kuwait.
stc is always keen on enhancing its digital services to improve and upgrade its integrated services that enables the Company to maintain its market share by enhancing its services and providing its customers with an unparalleled experience through strengthening its digital channels as well as leveraging its solid infrastructure to reach a new level of exceptional speeds and better coverage in line with the intense competition in the ICT sector in the State of Kuwait.”
Commenting on the announcement of company’s financial results for the nine months period ended September 30, 2023, Eng Maziad Al-Harbi added: “stc has achieved strong financial results by leveraging its technical and human capabilities in accordance with the aspirations and expectations of both its customers and shareholders. Whereby, stc’s total revenue reached KD 259.8 million in the first nine months of 2023 with a growth rate of 4.2 percent compared to the KD 249.4 million in the same period the previous year.
This growth is attributed to the expansion of the company’s operations through its focus on providing digital services to the enterprise sector as well as offering integrated technical solutions to companies across various sectors. It is worth noting that in addition to stc’s focus on driving its operations towards new areas of sustainable growth through a series of innovative initiatives aimed at optimizing operations and delivering high-quality services and products that cater to the needs of its customers’ requirements, the Company has successfully enhanced its operations through its well-developed evolving infrastructure.”
Al-Harbi added: “These outcomes resulted in a growth of EBITDA by 3.9 percent to reach KD 63 million in the first nine months of 2023 compared to KD 60.6 million in the same period of 2022 supported by the increase in the company’s revenue. As a result, the company’s net profit during the nine months period ended Sept 30, 2023 reached KD 24.4 million with a growth of 0.5 percent compared to KD 24.3 million during the same period in 2022. stc’s customer base reached approximately 2.4 million customers at the end of September 2023.”
Commenting on stc’s financial position as of September 30, 2023, Al-Harbi said: “stc’s total assets reached KD 432.0 million by the end of September 2023, while the total shareholders’ equity increased by 2 percent reaching KD 235.9 million by the end of September 2023 compared to KD 231.6 million during the same period in 2022. Whereby, stc has a strong solvency position amongst its peers in the Middle East.”
Al-Harbi noted: “stc is committed to continuously review and update its financial and operational strategies with the aim of enhancing the Company’s capabilities with exceptional effectiveness. By keeping abreast of the latest developments in the telecom industry, stc is determined to channel its resources into delivering a comprehensive range of services including voice, digital and data solutions to enhance profitability, achieve the desired financial and operational outcomes and ensure its sustained cash flow.”
Regarding stc’s Corporate Social Responsibility (CSR), Al-Harbi stated: “The company has continued to enhance its comprehensive and sustainable CSR activities through launching numerous community-based campaigns and initiatives that added value to the local community, while spreading a positive and lasting impact. stc’s CSR program primarily focused on activities and initiatives that empower the youth in collaboration with governmental entities, non-profit organizations, and institutions within the private sector. The activities were carried out under the umbrella of the “Weyak” initiative, which was designed to support small and medium-sized Kuwaiti companies, start-ups, as well as the “upgrade” educational initiative.
In terms of sustainability, Al-Harbi emphasized stc’s role in enhancing its sustainability standards, while maintaining its ongoing efforts to integrate sustainable practices into the Company’s corporate strategy. As part of its comprehensive CSR framework, stc will continue to form collaborative partnerships with both the public and private sectors, enhance communication with the local community, and increase public awareness of the concept of social responsibility.”
