Kuwait Telecommunications Company announces net profit of KD 15 million in the first half of 2022

Kuwait Telecommunications Company (stc), announced its financial and operational performance during the first half of 2022. Financial results for the first half ended June 30 revealed that the telecommunications company achieved revenue of 153.8 million of KD and a net profit of 15 million KD. The company’s customer base reached 2.2 million.

Dr. Mahmoud Ahmed Abdulrahman, Chairman of stc, said, “stc’s total assets reached KD 424.1 million at the end of June, while total equity increased by 7% to KD 222.3 million. KD. Additionally, stc has a strong credit standing among its peers in the Middle East.

Engineer Maziad Bin Nasser Al Harbi, CEO of stc, said, “stc has generated good financial results thanks to the increased demand for integrated business solutions and the steady demand for traditional telecommunications services in the Kuwaiti market. Total revenue of stc reached 153.8 million KD in the first half of 2022 with a growth rate of 10.3% compared to 139.4 million KD in the previous year. stc was able to achieve this revenue growth with the strong support of the increase in its customer base which reached 2.2 million customers at the end of June, an increase of 13.6% compared to June 2021.”

Al Harbi noted, “As a result, stc’s earnings before interest, tax, depreciation and amortization (EBITDA) grew by 4.5% to KD 40.2 million in the first half of 2022 from KD 38.5 million. million KD during the same period of 2021. Thus, the EBITDA margin reached 26.2% during the six months ended in 2022. As a result, the net profit of the company during the six months ended June 30 reached 15 million KD (earnings per share 15 fils).

He added, “In the first half of 2022, stc successfully increased its share capital to KD 99.9 million by distributing 100% free shares to its shareholders. This decision stems from stc’s positive vision of creating added value for its shareholders and placing their interest at the heart of its priorities. In this regard, the management of stc is careful to develop a long-term financial policy to balance its operational and financial performance, which would positively reflect its solvency and strengthen its market position as a leader in the telecommunications industry and a pioneer. of digital transformation.

Sean B. Jackson