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Kuwait Telecommunications Company (stc), reported a net profit of KD 33.2 million and a revenue increase of 13.5% to reach KD 336.4 million in its financial results for the fiscal year ended December 31, 2022.

The 13.5% increase in revenue represents the highest since the company’s inception.

Commenting on the results, Dr. Mahmoud Ahmed Abdulrahman, stc’s chairman, said, “stc has witnessed a number of achievements during 2022 in terms of expanding the Company’s operating model, supporting the digital transformation strategy and adding value to its shareholders.”

“stc’s total assets reached KD 424.4 mn by the end of December 2022, while total shareholders' equity increased by 2%, reaching KD 241.4 mn. Moreover, stc has a strong solvency position among its peers in the Middle East,” he added.

The Board of Directors has recommended distributing cash dividends of 30 fils per share representing 30% of the nominal value of the shares for the year ended 2022, subject to the approval of the company’s Ordinary General Assembly.

Commenting on stc’s achievements in 2022, Eng. Maziad Alharbi, stc’s CEO, said, “stc’s robust results demonstrated the successful implementation of its corporate strategy with all the operational and financial KPIs adopted. This was the key factor behind reaching stc’s best results aimed at exceeding the aspiration of our customers, in addition to placing stc amongst the leading companies for supporting the digital transformation process and providing integrated technical solutions with a value added to the traditional telecommunications sector.”

stc’s EBITDA witnessed a growth of 3.1% to reach KD 82.0 mn in 2022, compared to KD 79.6 mn in 2021. In an analysis of stc’s net profit in 2022, which reached KD 33.2 mn (earnings per share of 33 fils) compared to KD 44.9 mn (earnings per share of 45 fils) in 2021, the decline in net profit was attributed to the nonrecurring and extraordinary gains from legal claims in 2021. Whereby, without considering these nonrecurring and extraordinary gains, stc’s net profit in 2022 witnessed a growth of 12.7%, with the support of the growth in revenue and cost operational efficiencies.

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