KD 86.6 mn stc’s revenues for the first 3 months of ’23 with KD 8.2 mn net profit

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KUWAIT CITY, May 3: 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 2023, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during the first three months of 2022.

stc’s Chief Executive Officer, Eng. Maziad Bin Nasser Alharbi and stc’s Chairman, Dr. Mahmoud Ahmad Abdulrahman

Commenting on the announcements of these results, Dr. Mahmoud Ahmed Abdulrahman, stc’s Chairman, stated: “stc achieved a number of financial and operational achievements during the first three months of 2023 through offering a package of integrated offers and digital services to its customers from the individual and enterprise sectors. This comes from stc’s concern to meet the needs of its customers in light of the competition that the ICT and telecommunications sectors are witnessing in Kuwait, not to mention the increasing demand for the digital communications and IT services. Supported by its corporate strategy and the strategic expansion process, stc is keen to keep pace with the rapid changes in the telecommunications sector especially that of the enterprise sector, to sustain its market share by upgrading its services and enhance its customer experience by relying on its solid infrastructure.”

Commenting on stc’s financial position as of March 31, 2023, Dr. Abdulrahman said:stc’s total assets reached KD 435.7 mn by the end of March 2023, while total shareholders’ equity increased by 2% reaching KD 219.7 mn. Whereby, stc has a strong solvency position among its peers in the Middle East.

With regards to stc’s CSR framework, Dr. Abdulrahman commented: “Q1 2023 witnessed a number of community and interactive activities aimed at promoting a culture of social responsibility and developing the concept of sustainability within the local community. In line with the Company’s integrated CSR program, stc launched a series of campaigns and initiatives in collaboration with various charitable organizations, as well as institutions in the government and private sectors respectively. The objective of these various initiatives was to make effective and positive contributions in the society while engaging with different sections of the community and spreading awareness on important causes that affect the community.

stc‘s CSR program has focused on activating sustainable development partnerships with the public and private sectors and strengthening  the relationships with local communities in addition to increasing community awareness of the concept of social responsibility. We are proud of the steady growth and diversity of stc’s corporate social responsibility framework, which addresses core issues across our main pillars: education, health, sports, environment, entrepreneurship and youth development.”

Commenting on stc’s major milestones during the first quarter of 2023, Eng. Maziad Alharbi, stc’s CEO stated:stc’s robust results which were achieved in both the individual and the enterprise sectors through its subsidiaries specialized in the ICT and business solutions have contributed in enhancing its financial and operational performance. Whereby, stc achieved outstanding results during the first three months of 2023, which enabled the Company to maintain its competitive position in the ICT sector. Throughout 2023, stc was keen to update its digital transformation strategy in order to encounter the latest developments in the telecommunications sector and support the Company to provide a variety of high quality services aimed at meetings the needs of its individual and enterprise customers as well as exceeding their expectations. Accordingly, stc strives for capturing all the available potential opportunities that would support the key pillars of its corporate strategy focused on leading the ICT sector in Kuwait. This is driven by stc’s future vision of the digital solutions through creating unparalleled dazzling opportunities to deliver the most advanced and best-in-class services in order to expand its presence in the individual and enterprise sectors and build a strong customer base in addition to increasing its market share.”

Commenting on the announcement of company’s financial results for the three months period ended March 31, 2023, Eng. Maziad Alharbi said: stc managed to generate good financial results leveraging its internal capabilities to meet the anticipation of the Company’s shareholders and enrich its product portfolio through the implementation of a productive and digital operating model which would enable the Company to deliver the latest innovative solutions in the ICT sector. Whereby, stc’s total revenue reached KD 86.6 mn in the first three months of 2023 with growth rate of 12.7% compared to KD 76.8 mn during the same period in 2022. This increase is attributed to stc’s services and smart packages designed to cater the demands of most segments of our individual customers. Not to mention stc’s emphasis on the providing digital services to the enterprise segment and delivering integrated technical solutions to companies from all sectors in addition to driving its operations into new areas of sustainable growth through a series of innovative initiatives aimed at improving its operational efficiency, delivering the best services and products that meet its customer’s needs, as well as supporting the company’s advanced infrastructure with the best and widest 5G coverage”.

Alharbi added: “These outcomes resulted in a growth of EBITDA by 6.4% to reach KD 21.6 million in the first quarter of 2023 compared to KD 20.3 million in the same period of 2022. As a result, the company’s net profit during the three months period ended 31 March 2023 reached KD 8.2 million compared to KD 7.7 million during the same period in 2022. stc’s customer base reached approx. 2.4 million customers at the end of March 2023”.

Alharbi noted: “at stc, we are committed to constantly update our financial and operational plans in order enhance the Company’s ability and reach the optimal as well as the most efficient cost optimization process. This, in turn, would aid stc keep abreast with the latest developments in the telecommunications sector to boost profitability levels in addition to achieving the desired financial and operational results, which enables the Company to maintain the liquidity of its cash flows.”

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