Page 48 - SAMENA Trends - February-March 2021

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

stc Announces its Financial Results for the Year-End 2020

Kuwait Telecommunications Company (stc), a world-class
digital leader providing innovative services and platforms
to customers and enabling the digital transformation
in Kuwait, announced its financial results for the
financial year ended 31 December 2020. stc highlights
the financial and operational performance in addition
to the social initiatives that the company took during
the year 2020 amid COVID-19’s difficulties, challenges
and negative economic consequences affecting most
companies within various sectors. Commenting on the
announcements of these results, Dr. Mahmoud Ahmed
Abdulrahman, stc’s Chairman, stated: “2020 was an
unusual year that is radically different from previous
years in terms of the external events associated with
the COVID-19 pandemic. In addition to the ongoing
internal development processes which have resulted in a
significant transformation of stc’s operational activities
in line with company's digital transformation strategy”.
As for the overall performance of the telecommunications
sector, Dr. Abdulrahman added: “On a local, regional and
global level, the telecommunications sector is witnessing
drastic changes in terms of enhancing the digital services
and business solutions in addition to providing advanced
as well as diversified Information and communication
technology (ICT) packages aimed at enhancing company’s leading role in providing integrated, computing services designed to
operational and financial performance”. He pointed out: advanced and innovative digital better serve the latest corporate
"Despite the continuing negative repercussions of the as well as technology solutions directions”. Commenting on
current economic crisis associated with the COVID-19 for individuals and enterprises the stc’s financial position
pandemic, which affected most sectors on a global level, throughout the COVID-19 outbreak, as of December 31, 2020, Dr.
we are optimistic about the future of business, and we stc has been able to achieve these Abdulrahman said: "Company's
are; therefore, constantly seeking to renew and innovate results by adopting a flexible total assets reached KD 374.2 mn
everything we offer our customers with in addition to operating model in addition to at the end of 2020, while the total
our keen to expand easy and accessible communication being flexible in implementing the shareholders' equity increased by
channels to provide better and faster services”. Dr. company's digital transformation 3.2% reaching KD 222.2 mn. As
Abdulrahman commented on stc’s social initiatives strategy and providing integrated a result, the book value per share
since COVID-19’s outbreak: “During 2020, stc was keen advanced technical solutions that reached 445 fils. Moreover, the
to support all segments of Kuwaiti society by launching serve the Kuwaiti government's company has a strong solvency
a series of social initiatives that include supporting the outlook with regards to the social position among its peers in
country’s preventive activities in the field of health, safety distancing for the individual and the Middle East. stc’s Board of
and social awareness”. He also stated: "Throughout enterprise segments. Capitalizing Directors has recommended
the year, stc has collaborated with some governmental on the 5G network, stc was able to distributing cash dividends to
agencies and medical companies on ways to prevent the provide a range of digital services, respective shareholders of 60 fils
infectious diseases in addition to undertaking a number which have become a major part representing 60% of the share’s
of precautionary measures and procedures for prevention of the Kuwaiti society’s daily nominal value for the year ended
in accordance with the health guidelines and instructions activities. Furthermore, stc was 2020, subject to the approval of the
provided by the Ministry of Health. stc has also adopted also able to meet the growing Ordinary General Assembly of the
the best safety standards and instilled them in the culture demand for high-speed wide company. This decision was driven
of performance of its employees to provide high quality broadband networks following by stc's confidence in the evolution
services consistent with the required measures that were the latest governmental decisions of its business, its strong financial
predefined to protect its customers and employees. stc has with regards to pursuing the position and the ongoing cash
also continued providing social activities targeting several current academic year through flow generation during economic
sectors, including sports, education and health, with the online platforms. Not to mention downturns."
aim of leaving a social impact in Kuwait. In addition to its company’s digital and cloud

48 FEB-MAR 2021