stc earns 7.7 million dinars

Mahmoud Abdel Rahman: We have made operational achievements that have reflected positively on our financial performance
– Mazyad Al-Harbi: “stc” is keen to seize investment opportunities with the expertise of its companies.

Kuwait Telecom Company “stc” achieved net profits of 7.7 million dinars, with earnings of 8 fils per share in the first quarter of this year, and recorded revenues of 76.8 million dinars, and earnings before interest, taxes, depreciation and amortization of 20.3 million dinars.

Total assets amounted to 423.9 million dinars, shareholders’ equity amounted to 214.9 million dinars, while the book value of the share amounted to 215 fils, while the customer base reached 2.1 million customers at the end of last March.

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The Chairman of the Company’s Board of Directors, Dr. Mahmoud Abdel Rahman, said that “stc” achieved during the first quarter of 2022 many operational achievements, which in turn were reflected in its financial performance in light of the competition witnessed by the communications and information technology sector in Kuwait, especially with the increasing demand for communications services. digital and information technology.

He added that with the beginning of 2022, stc was keen to provide the latest integrated technical solutions to individual customers and companies, to meet their needs and exceed their expectations.

He pointed out that stc sees in this direction a promising future for the individual and business sectors, as the latter, in turn, is based on digital services and integrated technologies developed in the field of communications and information technology, stressing its keenness to develop its corporate strategy that revolves around expanding the scope of its business, in line with the latest trends. In the region to meet customer needs and add value to shareholders.

Abdul Rahman stated that the first quarter of this year witnessed a number of targeted community and interactive activities, coinciding with the total openness of vital sectors and the return of various activities.

He indicated that as part of the integrated social responsibility program, stc launched a series of campaigns and initiatives through permanent and continuous cooperation with various humanitarian and charitable associations and government and private agencies, to contribute effectively and positively and spread and raise awareness about important issues in the community.

He pointed out that stc’s social responsibility program focused on supporting the community and empowering Kuwaiti youth, which gave it the opportunity to enhance communication with local communities, and focus primarily on the areas of health, environment, entrepreneurship, sports and education.

He stressed that based on its institutional values, stc is keen on its commitment to maintaining its position as part of the integrated social fabric of Kuwait, through its support and contribution to various humanitarian and social activities within its comprehensive social responsibility program.

Abdul Rahman explained that the company’s total assets amounted to 423.9 million dinars at the end of March 2022, while the total rights of its shareholders rose 7% to 214.9 million dinars, confirming that it enjoys strong financial solvency at the level of telecom companies in the Middle East.

Performance Boost

For his part, the CEO of the company, Engineer Mazyad Al-Harbi, stated that during the first quarter of 2022, stc was able to enhance its financial and operational performance and improve customer service, thanks to the dedication and commitment of its employees to implementing its digital transformation strategy with the highest quality standards, and providing services within the most efficient in Communication and information technology sectors.

He stressed stc’s keenness to raise the level of its efficiency and enhance its internal capabilities in line with the latest rapid global developments in this field, based on its renewable strategy and future vision regarding the business sector in Kuwait, through the process of expansion in this sector, which was carried out by stc after Successful acquisitions of Qualitynet in May 2019, and the acquisition of Electronic Gate Holding Company in April.

He stressed stc’s keenness to seize investment opportunities in this field, and to benefit from the expertise of its subsidiaries to provide its institutional customers with the latest and most advanced services in the field of communications, information technology and digital services.

Al-Harbi added that stc achieved good financial results that meet the aspirations of its shareholders, in light of the increased demand for the most advanced global technologies and competition in the region in general and Kuwait in particular, with total revenues of 76.8 million dinars during the first quarter of 2022, a growth rate of 10 percent compared to With 69.8 million dinars in the same period of the previous year.

He attributed the reason for this rise to smart services and packages that meet the needs of most individual customer segments, focusing on digital services for the business sector, providing integrated technical solutions for private companies and government sectors, and pushing their business into new areas of sustainable growth, through a series of innovative initiatives aimed at raising the level of efficiency. operational and providing the best services and products that meet the needs of its customers, as well as supporting business through advanced infrastructure with the best and widest coverage of the fifth generation network.

Effective plans

He stated that these results resulted in a growth in EBITDA by 7.4 percent to 20.3 million dinars in the first quarter of 2022, while the EBITDA margin amounted to 26 percent, reaching a net profit of 7.7 million dinars. Earnings of 8 fils per share, while the customer base reached about 2.1 million customers at the end of last March.

Al-Harbi pointed out that stc seeks to adhere to effective operational and financial plans, and to follow a balanced financial policy to reach the optimal and most efficient level of costs in order to enhance profitability and achieve the desired financial and operational results, noting that the company was able by structuring capital expenditures in the recent periods that it carried out during the economic crisis. COVID-19 is able to maintain the liquidity of its cash flows.

Distinctive indicators

• 20.3 million dinars total profits

• 8 fils earnings per share

• 423.9 million assets

• 214.9 million shareholders’ equity

• 215 fils book value per share

• 2.1 million customers

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