KD 249.4 million stc’s revenue for first nine months of 2022 with KD 24.3 mln net profit
KUWAIT CITY, Nov 1: 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-month period ended September 30, 2022, 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 2022.
Commenting on the announcements of these results, Dr. Mahmoud Ahmed Abdulrahman, stc’s Chairman, stated: “The continuous demand on the ICT services and digital solutions by both the individual and enterprise sectors has been always the key driver for executing stc’s business plans and achieve the objectives of its corporate strategy. Steered by the promising future of the ICT sector, stc was keen to utilize its recent acquisitions to support its operations and establish a strong B2B customer base by offering various connectivity, network, cloud, digital solutions, system integration, and security services in addition to the BPO services. The expansion in stc’s services had a great impact on enhancing the Company’s position as a leader in the telecom field. Not to mention stc’s ability to boost the market share in a highly competitive market through capturing new streams of revenue”.
Dr. Abdulrahman noted that during Q3, stc managed to strengthen its extensive corporate social responsibility (CSR) program in line with its corporate values by launching a series of campaigns and initiatives that actively engaged with members within the community while spreading awareness on various causes that aimed to empower the community. The Company collaborated with different government entities, as well as companies within the private sector, in line with its CSR
program that aims to create a larger impact within the community. stc CSR campaigns primarily focused on tackling key issues within the areas of health, entrepreneurship, the environment, youth empowerment, as well as sports and education. This approach falls in line with stc’s vision to back and support the community by implementing initiatives and events that align with its robust social responsibility framework.
As a pioneer in Kuwait’s telecom, information technology and digital solutions sector, stc will continue to contribute through its rich, diverse, and widespread program with the sole objective of creating a positive and sustainable impact in the local community.
Commenting on stc’s financial position as of September 30, 2022, Dr. Abdulrahman said: “stc’s total assets reached KD 424.3mn by the end of September 2022, while total shareholders’ equity increased by 7.2% reaching KD 231.6mn. Moreover, stc has a strong solvency position among its peers in the Middle East”.
Commenting on stc’s achievements during the first nine months of 2022, Eng. Maziad Bin Nasser Al Harbi, stc’s CEO stated: “Driven by the strong performance of stc’s individual sector and the huge support of its ICT and business solutions subsidiaries, in 2022, stc relied heavily on refining its digital transformation strategy to keep up with the latest developments in the telecommunications industry and excel in the service offerings. This was followed by offering various offers and services with the highest quality aimed at satisfying stc’s individual and enterprise sectors.
Since inception, stc was keen on being the pioneer in the telecommunications industry which helped the Company in building its strong position and solid reputation in a highly competitive industry. Hence, stc is committed to exceed the expectations of its customers in the B2B and B2C sectors propelled by the robust recent developments and huge demand on the ICT services beside the traditional telecommunications services. Accordingly, stc will always thrive to seize all future opportunities that may arise in the field based on the continuous and unexpected changes in consumer taste”.
Commenting on the announcement of company’s financial results for the nine months period ended September 30, 2022, Eng. Maziad bin Nasser Al Harbi said: “stc generated exceptional financial results supported by the increased demand on the integrated business solutions and the enhanced demand on the traditional telecommunications services in the Kuwaiti market. stc’s recorded the highest total revenue since inception which reached KD 249.4mn in the first nine months of 2022 with a growth rate of 16.6% compared to KD 213.8mn in the previous year. stc managed to achieve this growth in revenue with the significant support from the increase in its customer base which has reached 2.3 million customers by the end of September 2022, representing a rise of 19.8% compared to that in September 2021. The growth in revenue was also a result of the positive impact due to the consolidation of E-Portal’s financials, which was fully acquired by stc on the 6th of April 2022”.
Al Harbi noted: “Accordingly, stc’s EBITDA witnessed a growth of 6.3% to reach KD 60.6mn in the first nine months of 2022 compared to KD 57.0mn in the same period of 2021. As a result, the company’s net profit during the nine months period ended September 30, 2022 increased by 2 % to reach KD 24.3mn (earnings per share 24 fils) compared to the same period of 2021”.
Al-Harbi concluded: “stc’s resilience to build a wise financial and operational plan is reflected by its ongoing refreshment of the Company’s long term financial policy,as well as short-term and long-term digital transformation strategy to cope up with the latest developments in order to meet the needs of its customers. This would, in turn, have a great impact on stc’s solvency and maintain its position as a leader in the telecom industry”.