According to the recent publication by international Forbes magazine, Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers enabling the digital transformation, announced the parent company (stc Group) ranked 1st amongst the top telecom companies in the MENA region.
As a subsidiary of stc Group, stc – Kuwait is proud to be a part of such a powerful digital leader with a solid branding position and vast capabilities. stc Group boasts a wide range of products and service to enrich the lives of both individual and corporate customers, enabling digital transformation, even with the high demand witnessed during the current COVID-19 crisis. stc is keen on offering its customers, with the latest technologies and digital media services while capitalizing on the parent company’s (stc Group) expertise and resources in this area, which in return widens the range of services proactively.
Forbes announced its annual "Global 2000" list, which includes 2000 international companies ranked according to the size of their assets, market value, net profits and revenues in equitable shares. In 2019, Forbes selected stc Group amongst the first digital companies in the MENA region and among the best 44 digital companies in the world.
According to Forbes’ list, stc Group is among the Middle East’s top 100 companies in 2020, ranked 8th amongst the top Arab companies and 335th internationally.
During 2019, the parent company (stc Group), located in KSA, improved its performance with a 4.46% increase in revenues. The Company also increased its net profits by 5.93% for the first quarter of 2020 compared to the same quarter of the previous year.
The 18th publication of the Forbes annual “Global 2000” ranking also discussed the recent challenges businesses are facing while giving a fair warning of the negative repercussions that would follow in the upcoming period.
While the majority of companies mentioned in the “Global 2000” have already witnessed a substantial decrease in their market value compared to the year before, due to the harsh impact of the total lockdown, the telecom industry in the MENA region proved to be among the least affected industries.
stc Group managed to maintain its strong market position by increasing its revenue and profitability, especially with the launch of recent 5G products and services.
Source: stc Press Release