Page 68 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

KD 153.8 million stc’s Revenue for the First Half of 2022 with KD 15 Net

Profit

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 six-month period
ended 30 June 2022, highlighting the most
significant achievements, financial and
operational performance in addition to the
social initiatives made by the company
during the first half of 2022. Commenting
on the announcements of these results,
Dr. Mahmoud Ahmed Abdulrahman, stc’s
Chairman, stated: “stc’s outlook with
regards to the increased demand on the
ICT integrated technologies and digital
solutions is considered one of the key
factors for executing Company’s corporate
strategy of expanding its services in the
B2B sector. Accordingly, stc has completed
its acquisition on all the share capital
of E-portal and its subsidiaries in the impact within the community. Whereby, during the first half of 2022, Eng. Maziad
second quarter of 2022. This acquisition stc launched a series of campaigns and Bin Nasser Al Harbi, stc’s CEO stated: “In the
demonstrates stc’s commitment to grow initiatives that actively engaged with first half of 2022, stc was able to enhance
its position in the ICT field by providing the members within the community while its financial and operational performance,
best in class integrated technical solutions spreading awareness on various causes. as well as improve its customer service
to its individuals and enterprise customers. Throughout these campaigns, stc primarily with the dedication and commitment of its
With an increased focus on the ICT services, focused on tackling key issues within employees to implement the Company's
stc was able to capture new streams of the areas of health, entrepreneurship, digital transformation strategy with the
revenue driven by the latest extensive the environment, as well as sports and highest quality. In this regard, stc was also
demand on the digital communications education. As a pioneer in Kuwait’s capable to provide the most efficient service
and information technology services”. He telecom and digital solutions sector, stc delivery within the telecommunications
pointed out: "stc is currently developing will continue to contribute through its rich, and information technology sector. Al-
its operational strategy aimed at adding diverse, and widespread program with Harbi added: "In the first half of 2022,
value through utilizing the capabilities of the sole objective of creating a positive stc has successfully increased its share
its subsidiaries specialized in providing and sustainable impact in the local capital to reach KD 99.9 million through
suitable solutions to the enterprise sector in community. This approach falls in line distributing 100% bonus shares to its
Kuwait. stc is; therefore, keen to maintain its with stc’s vision to back and support the shareholders. This decision came from
position as a pioneer in the ICT services and community by implementing initiatives stc’s positive outlook on creating an added
the enterprise solutions”. Dr. Abdulrahman and events that align with its robust social value to its shareholders and place their
noted that during Q2, stc managed to responsibility framework. Commenting interest on its top priorities. In this regard,
strengthen its extensive corporate social on stc’s financial position as of June 30, stc’s management ensures developing long
responsibility (CSR) program by launching 2022, Dr. Abdulrahman said: "stc’s total term financial policy to balance between its
and contributing to various initiatives assets reached KD 424.1 mn by the end operational and financial performance that
that aimed to empower the community. of June 2022, while total shareholders' would positively reflect on its solvency and
The Company collaborated with different equity increased by 7% reaching KD 222.3 enhance its market position as a leader in
government entities, as well as companies mn. Moreover, stc has a strong solvency the telecom industry and a pioneer in the
within the private sector, in line with its position among its peers in the Middle digital transformation”.
CSR program that aims to create a larger East”. Commenting on stc’s achievements

68 JULY-AUGUST 2022