Kuwait Telecommunications Company (stc) has announced its financial results for the nine months ending September 30, 2024, showcasing impressive achievements in both financial and operational performance, alongside its commitment to social initiatives throughout the year.
Eng Muataz Abdullah Aldharrab, the CEO of stc, expressed pride in the company’s strong financial and operational results, highlighting its ongoing contributions to Kuwait’s digital transformation. He noted that stc is responsive to market demands, particularly the growing need for advanced ICT solutions, and is dedicated to delivering comprehensive digital services for individual and enterprise sectors.
To diversify its growth strategies, stc is enhancing its business model in response to the evolving telecom landscape. The company’s continued investment in advanced infrastructure and digital systems supports its long-term vision as a trusted telecom operator and digital service provider.
In the third quarter of 2024, stc secured several key partnerships, including a contract with the Ministry of Electricity, Water, and Renewable Energy to supply smart electricity meters. Additionally, the company is poised to launch advanced 5.5G services in line with directives from Kuwait’s Communication and Information Technology Regulatory Authority (CITRA). stc was also honored with the “ICT – Telecommunications Award – Kuwait” for its 5G Technology at the Middle East Technology Excellence Awards, underscoring its dedication to enabling digital transformation.
Aldharrab emphasized stc’s commitment to fostering a supportive work environment, as evidenced by its recognition as the preferred employer for IT and engineering professionals in Kuwait, according to Universum’s 2024 research.
Aligning with global technological advancements, stc has focused on delivering fixed communications connectivity services and IT solutions. This includes a comprehensive range of telecommunications services such as fixed broadband, system integration, cloud services, 5G offerings, Internet of Things (IoT), and data analytics for both individual and enterprise customers.
As of September 30, 2024, stc reported total revenue of KD 261.8 million, reflecting a 0.8% increase from KD 259.8 million during the same period last year. This growth is attributed primarily to the consumer sector, which accounts for 73% of total revenues, while the business sector contributed 27%.
The company’s EBITDA rose by 1.2% to KD 63.7 million, and net profit increased by 1.4% to KD 24.7 million (EPS 25 Fils) for the nine-month period, driven by effective cost optimization and enhanced operational efficiency.
stc’s total assets reached KD 441.7 million, with shareholders’ equity amounting to KD 233.7 million, indicating strong solvency among Middle Eastern telecom companies. The company is committed to launching impactful sustainability programs that align with national and global sustainable development goals, fostering social responsibility in Kuwait.
Aldharrab concluded by stating that stc is dedicated to maintaining a balanced financial strategy that optimizes resources and aligns financial decisions with long-term objectives, enhancing operational efficiency, and supporting Kuwait’s digital transformation efforts.
