Kuwait Telecommunications Company (stc) has revealed its financial results for the year ending December 31, 2024, highlighting significant milestones in both financial and operational performance. The company saw revenue growth of 2.8% to reach KD 336.5 million, with the consumer sector driving much of the increase. While net profit decreased slightly to KD 31.4 million, excluding non-recurring expenses, the company achieved a growth rate of 1.8% compared to 2023.
CEO Eng. Muataz Al-Dharrab emphasized the company’s dedication to digital transformation and innovation through its refreshed corporate strategy, “r.e.a.c.h.”, which is set to guide stc’s growth over the next three years. The company also focused on improving its customer experience, expanding its product portfolio, and enhancing its digital infrastructure. During the year, stc launched several key projects aimed at both the individual and enterprise sectors, and adopted modern technologies to improve its services.
The company also made strides in sustainability, issuing its first standalone Sustainability Report, which aligns with Kuwait’s Vision 2035. stc’s commitment to corporate social responsibility is reflected in its initiatives promoting sustainable resource management and its integration of environmental, social, and governance (ESG) standards into its operations.
stc’s customer base grew to approximately 2.3 million by the end of 2024, reflecting continued success in customer acquisition and service quality. The company has also recommended distributing cash dividends to shareholders at 35 fils per share, reinforcing its strong financial position.
Al-Dharrab concluded by reaffirming stc’s strategy to continue driving growth, efficiency, and innovation, ensuring long-term sustainability and reinforcing its position as a leader in the telecommunications industry in Kuwait and the region.
