Kuwait Telecommunication Company (stc) has released impressive financial results for the third quarter of 2024, achieving a revenue of KWD 261.8 million, demonstrating a growth rate of 0.8% compared to the same period last year.
This growth is mainly attributed to a rise in consumer sector revenues, which constitute 73% of the total revenues. Over the first nine months of the year, stc’s business sector accounted for 27% of the company’s total revenue.
Additionally, stc accomplished a net profit of KWD 24.7 million, primarily driven by its cost optimization program and enhancements in operational efficiency.
Commenting on the financial results, Eng. Muataz Abdullah Aldharrab, stc’s Chief Executive Officer, highlighted the company’s pivotal role in Kuwait’s digital transformation, stating, “stc continuously ensures addressing market needs, particularly with the increasing demand for advanced ICT solutions, by delivering the latest comprehensive and integrated digital and technical services and solutions for both individual and enterprise sectors.”
The overall growth of stc’s revenue was mainly driven by efforts to improve the company’s business model, develop digital services, and provide integrated technical solutions to companies in various fields.
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Continuous Innovation and Diversified Growth
To diversify growth avenues, stc has aligned its business model with the evolving demands of the telecom industry, along with efforts in innovating product offerings to enhance customer experience and strengthen market share.
“During the third quarter of 2024, stc concluded several agreements and partnerships, most notably signing a contract with the Ministry of Electricity, Water and Renewable Energy to supply smart electricity meters. Furthermore, stc is working diligently to launch advanced 5.5G services in compliance with the decision of Kuwait’s Communication and Information Technology Regulatory Authority (CITRA),” Aldharrab said.
stc’s investments in advanced infrastructure and digital systems reflect its long-term vision to maintain its status as a trusted telecom operator and digital service provider. Its initiatives demonstrate its commitment to fostering innovation while delivering excellent services.
The Kuwaiti telecom operator will focus on accelerating technological advancement by offering fixed communications connectivity services and IT solutions, establishing itself as a provider of high-quality, comprehensive, and innovative digital solutions to the business sector.
Also Read: stc Group’s Annual Dividend Distributions Increase from SAR 1.6 to SAR 2.2
A Sustainable Future
stc remains committed to implementing impactful sustainability programs to raise awareness and promote long-term sustainable practices in the country.
Through these initiatives, stc aims to establish a positive impact and promote social responsibility, aligning with sustainable development goals both at national and global levels.
Aldharrab added, “stc remains dedicated to maintaining a balanced financial strategy to ensure the efficient allocation and optimization of company resources, in addition to aligning its financial decision with long-term goals.”
To maximize synergies between its digital solutions and financial objectives, stc enhances operational efficiency and implements robust regulatory practices, consequently supporting Kuwait’s digital transformation efforts and cementing the country’s position as a leader in global innovation and operational excellence in the telecom industry.
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