Stc holds AGM, re­ports a net profit for KD 43.6m for 2019

To­tal rev­enues KD 293.7 mil­lion • Cash div­i­dends of 50 fils per share

Kuwait Times - - Business -

KUWAIT: Kuwait Telecom­mu­ni­ca­tions Com­pany (stc), a world-class dig­i­tal leader pro­vid­ing in­no­va­tive ser­vices and plat­forms to cus­tomers en­abling the dig­i­tal trans­for­ma­tion in Kuwait, held its An­nual Gen­eral Meet­ing (AGM) at the Com­pany’s Head­quar­ters Olympia Mall / West Of­fice Tow­ers on 23 March 2020, where the at­ten­dance rep­re­sented 67.90 per­cent from the to­tal share­hold­ers.

The AGM ap­proved the Board of Di­rec­tors’ re­port, the Au­di­tors’ re­port and the Sharia Com­mit­tee’s re­port for the fis­cal year ended on 31 De­cem­ber 2019. The AGM also ap­proved the Au­dit Com­mit­tee re­port and the Cor­po­rate Gov­er­nance re­port in­clud­ing the Board of Di­rec­tors’ and the Ex­ec­u­tive Man­age­ment’s re­mu­ner­a­tion and ben­e­fits re­port for the year ended on 31 De­cem­ber 2019 as well as ap­prov­ing all the other items in the AGM agenda. In ad­di­tion, the AGM ap­proved the Com­pany’s fi­nan­cial state­ments and the Board of Di­rec­tors’ rec­om­men­da­tion to dis­trib­ute cash div­i­dends of 50 Kuwaiti fils, rep­re­sent­ing 50 per­cent of the share’s nom­i­nal value for the year ended 2019, to all the share­hold­ers regis­tered in the Com­pany’s records, on the Record Date, Wed­nes­day 8 April 2020, where the cash div­i­dends will be dis­trib­uted for the el­i­gi­ble share­hold­ers on the Pay­ment Date, Wed­nes­day 15 April 2020.

Dr Mah­moud Ah­mad Ab­dul­rah­man , stc’s Chair­man, stated, “De­spite the dif­fi­cult mar­ket con­di­tions and the fierce com­pe­ti­tion in the Kuwaiti telecom­mu­ni­ca­tions mar­ket - one of the most com­pet­i­tive mar­kets in the re­gion, stc man­aged to achieve rev­enues of KD 293.7 mil­lion for the year ended on 31 De­cem­ber 2019, with a per­cent­age growth of 2 per­cent com­pared to 2018. In 2019, stc’s EBITDA recorded a growth of 6 per­cent to reach KD 82.4 mil­lion com­pared to KD 77.8 mil­lion for the same pe­riod in 2018. Mean­while, stc’s fo­cus on driv­ing busi­ness ef­fi­ciency was clearly re­flected by the Com­pany’s strong EBITDA mar­gin that reached 28 per­cent in 2019 com­pared to 27 per­cent in 2018. As a re­sult, stc achieved a net profit of KD 43.6 mil­lion (earn­ings per share of 87 fils) in 2019 with a profit mar­gin of 15 per­cent. Fur­ther­more, stc’s com­mit­ment to de­liver value to its share­hold­ers is re­flected by the in­crease in to­tal share­hold­ers’ eq­uity reach­ing KD 215.4 mil­lion by the end of 2019, with a book value of 431 Kuwaiti fils per share.”

stc has achieved th­ese re­sults by im­ple­ment­ing the dig­i­tal trans­for­ma­tion strat­egy and of­fer­ing in­te­grated tech­nol­ogy so­lu­tions to its cus­tomers, both in­di­vid­u­als and en­ter­prises. stc has also driven its busi­ness op­er­a­tions into new ar­eas of sus­tain­able growth, through a se­ries of in­no­va­tive ini­tia­tives aimed at im­prov­ing op­er­a­tional ef­fi­ciency, en­hanc­ing cus­tomer ex­pe­ri­ence, as well as de­liv­er­ing the best ser­vices and prod­ucts to meet cus­tomer needs. Fur­ther­more, and in ad­di­tion to in­vest­ing in the ad­vanced 5G in­fra­struc­ture, the Com­pany has the largest 5G net­work with 100 per­cent cover­age of the pop­u­lated ar­eas at the end of 2019.

Dr. Mah­moud con­cluded, “While 2019 has marked an ex­cep­tional num­ber of achieve­ments for stc, il­lus­trated in launch­ing the new brand ‘stc’ and the 5G ser­vices com­mer­cially na­tion­wide as well as ac­quir­ing 100 per­cent of the share cap­i­tal of Qual­i­tynet - the lead­ing in­ter­net ser­vice provider in Kuwait - in 2020, stc in­tends to cre­ate new op­por­tu­ni­ties and en­able dig­i­tal trans­for­ma­tion in line with the Com­pany’s new strat­egy.

Free in­ter­net and un­lim­ited lo­cal calls for stc cus­tomers

As part of its so­cial re­spon­si­bil­ity com­mit­ment to sup­port the com­mu­nity, stc pro­vided cus­tomers with free un­lim­ited lo­cal calls to all mo­bile net­works, as well as free 5GB in­ter­net daily from March 22nd un­til April 20th. This ini­tia­tive falls in line with stc’s on­go­ing cor­po­rate so­cial re­spon­si­bil­ity frame­work in bat­tling the cur­rent global Coro­n­avirus (COVID-19) out­break, in ad­di­tion to its on­go­ing ac­tiv­i­ties fo­cus­ing on health, safety and spread­ing aware­ness. stc au­to­mat­i­cally ac­ti­vated the un­lim­ited lo­cal min­utes to all pre­paid and post­paid cus­tomers.

To ac­ti­vate the free 5GB in­ter­net pack­age, stc cus­tomers are re­quested to send a text mes­sage on a daily ba­sis with the code “85” to 567, for both post­paid and pre­paid plans, with­out fair us­age pol­icy.

Through­out this crit­i­cal pe­riod, and with the se­ries of pre­cau­tion­ary mea­sures and in­struc­tions an­nounced by the Kuwaiti gov­ern­ment, stc ad­vices all its cus­tomers and the cit­i­zens of Kuwait to com­ply with the gov­ern­ment’s re­quest, stay at home, while en­joy­ing free lo­cal calls and in­ter­net with­out worry. Sup­port­ing the lo­cal com­mu­nity at crit­i­cal times comes as a key pil­lar in stc’s cor­po­rate so­cial re­spon­si­bil­ity model.

Im­ple­ment­ing the high­est safety stan­dards

In line with stc’s com­mit­ment to stream­line its op­er­a­tions and main­tain clear com­mu­ni­ca­tion chan­nels with stake­hold­ers and share­hold­ers, the Com­pany took ex­tra pre­cau­tions to en­sure that all health and safety mea­sures were im­ple­mented, in­clud­ing hold­ing the AGM at stc’s head­quar­ters in Olympia Mall. In ad­di­tion to that, the Com­pany shared a live stream link that is im­ple­mented on the stc web­site with all share­hold­ers, me­dia rep­re­sen­ta­tives and in­vestor com­mu­nity to view the AGM on­line with­out need­ing to at­tend in per­son. This ini­tia­tive was ex­e­cuted to en­hance stc’s in­vestor re­la­tions ac­tiv­i­ties through ef­fec­tive com­mu­ni­ca­tion chan­nels with share­hold­ers, en­abling stc’s dig­i­tal trans­for­ma­tion frame­work.

It is worth men­tion­ing that stc or­ga­nized, launched and par­tic­i­pated in a se­ries of ini­tia­tives dur­ing the past pe­riod to bat­tle the COVID-19 pan­demic in Kuwait. stc re­cently launched its “Stay Safe” cam­paign which aims to raise aware­ness and ed­u­cate the pub­lic on the cur­rent out­break through in­stant news up­dates, im­por­tant an­nounce­ments and pre­cau­tion­ary mea­sures to con­sider. The Com­pany was also amongst the first com­pa­nies to stand by its cus­tomers who were placed in quar­an­tine through its “Far Yet Close” cam­paign of­fer­ing free un­lim­ited voice calls to those stay­ing at Al-Khi­ran Re­sort and Joan Re­sort at Ju­lai’a. The Com­pany had also fa­cil­i­tated free com­mu­ni­ca­tion chan­nels con­nect­ing its cus­tomers to the Min­istry of Health hot­lines to re­port any in­ci­dents or re­quest any fur­ther as­sis­tance. stc also vis­ited Kuwait In­ter­na­tional Air­port to dis­trib­ute face masks, san­i­tiz­ers and in­for­ma­tion leaflets to air­port staff, de­part­ing and re­turn­ing pas­sen­gers. The med­i­cal items dis­trib­uted to all in­di­vid­u­als were pro­vided by AAW Phar­ma­ceu­ti­cals in co­op­er­a­tion with stc.

In this re­gard, stc re­cently launched a ded­i­cated page on its of­fi­cial web­site in­clud­ing the lat­est news ar­ti­cles, of­fi­cial an­nounce­ments and pre­cau­tion­ary in­struc­tions ac­ces­si­ble to the pub­lic with re­gards to COVID-19 . Vis­i­tors will find the of­fi­cial so­cial me­dia ac­counts of var­i­ous gov­ern­ment en­ti­ties, link to the of­fi­cial COVID-19 sta­tis­tics web­site in Kuwait and other rel­e­vant in­for­ma­tion. The page also in­cludes in­for­ma­tive videos pro­vided by the Min­istry of Health, as well as full cover­age of stc’s var­i­ous ini­tia­tives to tackle the out­break and re­duce the spread of the in­fec­tion.

KUWAIT: stc holds An­nual Gen­eral Meet­ing (AGM) at the Com­pany’s Head­quar­ters on Mon­day.

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.