STC Achieves Impressive Financial Results in H1 2023: Revenue Soars to KD174.6m with Net Profit of KD16.1m

Kuwait Telecommunications Company (stc) announced its financial results for the first half of 2023, showcasing notable growth in both financial and operational performance. stc, a global digital leader providing innovative services and platforms, has made significant achievements in its commitment to customer-centric solutions and digital transformation in Kuwait.

Dr. Mahmoud Ahmed Abdulrahman, stc’s Chairman, highlighted the company’s dedication to innovation and excellence in providing integrated offers and digital services to individual and enterprise customers. With a focus on meeting the increasing demand for digital and ICT services, stc has strengthened its position as a leading Telecom and ICT company in Kuwait. Through strategic expansion and technical capabilities, stc aims to enhance its services and customer experience in the rapidly evolving telecommunications sector.

Regarding stc’s financial position as of June 30, 2023, Dr. Abdulrahman stated that total assets reached KD 425.4 mn, with total shareholders’ equity increasing by 2.4% to KD 227.6 mn. stc’s strong solvency position sets it apart from its peers in the Middle East.

In terms of corporate social responsibility (CSR), stc has actively engaged with the local community through partnerships with charitable organizations, government institutions, and private sectors. The company’s CSR program, focusing on education, health, sports, environment, entrepreneurship, and youth empowerment, aims to support Kuwaiti SMEs, start-ups, and innovative concepts through initiatives such as “Weyak” and the “upgrade” educational initiative. stc will continue to build sustainable development partnerships, increase community awareness, and promote social responsibility.

Eng. Maziad Alharbi, stc’s CEO, expressed satisfaction with the company’s results, emphasizing stc’s dedication to providing extraordinary services and driving the digital transformation process. Strong results in both the individual and enterprise sector, achieved through ICT and business solutions subsidiaries, have contributed to stc’s financial and operational performance. The company’s commitment to innovation, network expansion, and value-added services aligns with its future digital transformation strategy, focusing on emerging technologies such as 5G, IoT, Cloud services, and artificial intelligence. These investments aim to expand stc’s presence in both sectors, increase market share, and build a solid customer base.

stc’s financial results for the first half of 2023 demonstrate its ability to meet shareholders’ expectations. Total revenue reached KD 174.6 mn, with a growth rate of 13.5% compared to the same period in 2022. This increase is attributed to stc’s services and smart packages designed to cater to the demands of individual customers, as well as its focus on providing digital services and technical solutions to the enterprise segment. With a growth of 4.7% in EBITDA and a net profit of KD 16.1 million, stc’s customer base reached approximately 2.5 million customers at the end of June 2023.

Going forward, stc remains committed to improving its capabilities, implementing efficient cost optimization processes, and offering a comprehensive range of services. By staying updated on the latest developments in the telecommunications sector, stc aims to enhance profitability, achieve desired financial and operational outcomes, and maintain a good cash flow position.

In conclusion, stc’s financial results for the first half of 2023 reflect its commitment to customer satisfaction, innovation, and digital transformation. With a strong solvency position, strategic partnerships, and a focus on emerging technologies, stc is poised to lead the ICT sector in Kuwait and provide exceptional services to its customers.

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