stc Kuwait, a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, highlighted the most significant achievements and financial and operational performance in addition to the social initiatives made by the company during the first nine months of 2023.
|Financial Results for the Nine-Month Period (Through September 30, 2023)|
|Revenues||KD 259.8 mn|
|EBITDA||KD 63.0 mn|
|Net Profit||KD 24.4 mn|
|Earnings per share||24 Kuwaiti fils|
|Assets||KD 432.0 mn|
|Shareholders' equity||KD 235.9 mn|
|Book value per share||236 fils per share|
|Customer base||2.4 mn customers|
On the financial side, stc’s total revenue reached KD 259.8 million in the first nine months of 2023, with a growth rate of 4.2% compared to KWD 249.4 million in the same period of the previous year. This growth is attributed to the expansion of the company's operations through its focus on providing digital services to the enterprise sector as well as offering integrated technical solutions to companies across various sectors.
It is also worth noting that stc Kuwait has successfully enhanced its operations through its well-developed, evolving infrastructure.
Commenting on this announcement, stc Kuwait CEO Eng. Maziad Alharbi said, “stc has achieved strong financial results by leveraging its technical and human capabilities in accordance with the aspirations and expectations of both its customers and shareholders.”
Eng. Alharbi disclosed that these outcomes resulted in a growth of EBITDA by 3.9% to reach KD 63 million in the first nine months of 2023 compared to KD 60.6 million in the same period of 2022, supported by the increase in the company’s revenue.
As a result, the company’s net profit during the nine-month period reached KD 24.4 million, with a growth of 0.5% compared to KD 24.3 million during the same period in 2022. stc’s customer base also reached its 2.4 million mark at the end of September 2023.
stc Kuwait Achieved Robust Financial and Operational Results
Eng. Alharbi further noted that stc Kuwait continues to reap the rewards of implementing its corporate strategy and the strategic expansion of its operations throughout the past years.
“Whereby, stc achieved robust financial and operational results during the first nine months of 2023, demonstrating the Company’s commitment to enhance its internal capabilities and expanding its operations to deliver unique services in terms of design and efficiency, besides driving the digital transformation process,” the CEO stated.
stc Kuwait maintains its market share by providing its customers with an unparalleled experience through strengthening its digital channels as well as leveraging its solid infrastructure to reach a new level of exceptional speeds and better coverage in line with the intense competition in Kuwait’s ICT sector.
“stc [Kuwait] is committed to continuously review and update its financial and operational strategies with the aim of enhancing the company's capabilities with exceptional effectiveness. By keeping abreast of the latest developments in the telecom industry, stc [Kuwait] is determined to channel its resources into delivering a comprehensive range of services, including voice, digital and data solutions, to enhance profitability, achieve the desired financial and operational outcomes, and ensure its sustained cash flow,” explained Eng. Alharbi.
stc Kuwait’s CSR Activities
Regarding stc’s Corporate Social Responsibility (CSR), Eng. Alharbi expressed that they have continued to enhance their comprehensive and sustainable CSR activities through the launch of numerous community-based campaigns and initiatives that added value to the local community, while spreading a positive and lasting impact.
“stc's CSR program [is] primarily focused on activities and initiatives that empower the youth in collaboration with governmental entities, non-profit organizations and institutions within the private sector. The activities were carried out under the umbrella of the "Weyak" initiative, which was designed to support small and medium-sized Kuwaiti companies [and] start-ups, as well as the ‘Upgrade’ educational initiative,” he remarked.
In terms of sustainability, Alharbi emphasized stc's role in enhancing its sustainability standards while maintaining its ongoing efforts to integrate sustainable practices into the company’s corporate strategy. As part of its comprehensive CSR framework, stc Kuwait will continue to form collaborative partnerships with both the public and private sectors, enhance communication with the local community, and increase public awareness of the concept of social responsibility.