Kuwait Telecommunications Company (STC) achieves KD 16.9 million net profit

Kuwait Telecommunications Company (STC) announced on Monday its total net profit for the first half of the year 2024, which reached KD 16.9 Million (USD 55 million). STC earnings per share stood at 17 fils compared to 16 fils in the same period of 2023, when the profits reached KD 16 million (USD 52 million). CEO Muataz Al-Dharrab said in a press release on Monday that the company achieved good financial results during the second quarter of 2024, as total revenues reached KD 175.6 million (about USD 574.4 million) at the end of June 2024, with a growth rate of 0.6 percent, compared to KD 174.6 million (about USD 571 million) in the same period of the previous year. Al-Dharrab explained that the company's total assets amounted to KD 435.9 million (about USD 1.4 billion) at the end of June 2024, and the company's shareholders' equity amounted to KD 225.8 million (about USD 738.5 million). He added that STC was able to achieve good results in terms of financial and operational business during the second quart er of 2024 as a result of the continuous and increasing demand for ICT services and digital solutions for both the retail and institutional sectors. He pointed out that the company has been keen since the beginning of the year to follow its corporate strategy based on market leadership by developing its product and service portfolio in addition to seizing the available opportunities that will support its business and manage its internal operations with high efficiency. Source: Kuwait News Agency