stc rakes in revenues of KD174.6m for first six months of 2023 with KD16.1m net profit

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KUWAIT CITY, July 18: 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 30 June 2023, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during the first six months of 2023.

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 notable financial and operational growth during the first six months of 2023 through its commitment to provide the most innovative, customer-centric and up-to-date solutions in addition to its relentless pursuit of excellence by providing a package of integrated offers and digital services to its individual and enterprise customers. Driven by the continuous demand for the digital and ICT services, stc has been keen to meet the needs of its customers by providing high quality advanced services and transformative technologies in light of the intense competition witnessed by the ICT sector in the State of Kuwait. With the support of its corporate strategy and its strategic expansion over the past years, stc has strengthened its position as a leading Telecom and ICT company through its technical and digital capabilities in addition to its human capital experience to keep pace with the rapid changes in the telecommunications sector, especially in the enterprise sector, as the company aims to sustain its market share by improving its services and enhancing the customer experience through relying on its solid infrastructure.”

Commenting on stc’s financial position as of June 30, 2023, Dr. Abdulrahman said:stc’s total assets reached KD 425.4 mn by the end of June 2023, while total shareholders’ equity increased by 2.4% reaching KD 227.6 mn by the end of June 2023 compared to KD 222.3 mn during the same period in 2022. Whereby, stc has a strong solvency position amongst its peers in the Middle East.

Regarding stc’s CSR framework, Dr. Mahmoud Abdulrahman indicated: “In Q2 2023, the Company has strengthened its presence within the local community through several campaigns and initiatives in collaboration with various charitable organizations, as well as institutions in the government and private sectors respectively.

stc‘s CSR program has focused in Q2 2023 on a series of community driven activities and youth initiatives under the “Weyak” umbrella – season 2 – that supports Kuwaiti SMEs and start-ups as well as other Kuwait-based innovative concepts, that reinforces our efforts to support the youth, entrepreneurs, and innovators to pursue their creative visions. In addition to “Weyak”, stc has enabled its “upgrade” educational initiative, which serves as a platform dedicated to stc’s contributions towards the education sector. This initiative aligns with the Company’s efforts in highlighting its continued commitment to supporting the education sector in Kuwait.

These initiatives align under the core values of our diversified CSR program, with a primary focus across our main pillars: education, health, sports, environment, entrepreneurship and youth empowerment. In line with the Company’s integrated CSR program, stc will continue to activate sustainable development partnerships with the public and private sectors and strengthening the relationships with local communities in addition to increasing community awareness and promoting a culture of the concept of social responsibility.”

Commenting on stc’s major milestones during the first half of 2023, Eng. Maziad Alharbi, stc’s CEO stated: “We are pleased to announce stc’s results for the first half of 2023, which proves the Company’s continues dedication in offering extraordinary services and driving the digital transformation process across the region. stc’s strong results in both the individual and enterprise sector, which was attained through its ICT and business solutions specialized subsidiaries, contributed in enhancing the Company’s financial and operational performance. Therefore, stc was able to sustain its competitive position in the telecom and ICT sector in Kuwait. Driven by its focus on innovation, network expansion, and delivering value added services to its customers, stc has ensured updating its future digital transformation strategy, in order to keep pace with the latest developments in the sector. This would aid the Company to deliver various high-quality services by seizing all the available opportunities that would support the main pillars of its corporate strategy which focuses on leading the ICT sector in Kuwait. Whereby, the Company’s vision revolves around its growth trajectory by investing in emerging technologies focused on creating digital solutions including 5G services, IoT, Cloud services, and artificial intelligence. These investments will enable stc to expand its presence in both the individual and enterprise sectors, whilst building a solid customer base and increasing its market share.”

Commenting on the announcement of company’s financial results for the six months period ended June 30, 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. Whereby, stc’s total revenue reached KD 174.6 mn in the first six months of 2023 with growth rate of 13.5% compared to KD 153.8 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 4.7% to reach KD 42.1 million in the first half of 2023 compared to KD 40.2 million in the same period of 2022. As a result, the company’s net profit during the six months period ended 30 June 2023 reached KD 16.1 million with a growth of 6.7% compared to KD 15.0 million during the same period in 2022. stc’s customer base reached approx. 2.5 million customers at the end of June 2023”.

Alharbi noted: “stc is committed to constantly update its financial and operational plans to improve the Company’s capabilities and implement the most efficient cost optimization processes. Furthermore, by remaining abreast of the latest development in the telecommunications sector, stc is keen to offer a comprehensive range of services including voice and digital solutions as well as data services. This would empower stc to enhance profitability and achieving the desired financial and operational outcomes, crucial for maintaining a good cash flow position.”

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