Kuwait's STC 2022 revenue surges 13.5% to hit record $1.1bln

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Kuwait Telecommunications Company (stc) has registered solid results for 2022 with a record growth in revenue which surged by 13.5 % to hit KD336.4 million ($1.1 billion), representing the highest since inception.

Announcing its results for the financial year ended December 31, 2022, Kuwait stc said it was a year full of significant achievements, financial and operational performance in addition to the social initiatives taken by the company during 2022.

However, its net profit for 2022 fell to KD33.2 million (earnings per share 33 fils) from the previous year's figure of KD44.9 million (earnings per share 45 fils). Ebitda witnessed a growth of 3.1% to reach KD82 million in 2022 compared to KD79.6 million in 2021, it added.

On the solid results, Chairman Dr. Mahmoud Ahmed Abdulrahman said: "stc has witnessed a number of achievements during 2022 in terms of expanding the company’s operating model, supporting the digital transformation strategy and adding value to its shareholders."

"The rapid development of the telecommunications sector showed stc’s flexibility in driving further progress and accelerate the digital transformation process aimed at enabling the Company to capture all the available business opportunities to achieve the growth in its operating and financial results," he noted.

Driven by the ever-growing and continuous reliance on digitization and global networking in various sectors, stc ensured providing the telecommunications and ICT services as one of the key pillars that the Company has followed throughout the previous years, in order to achieve its corporate strategy focused on business expansion, especially in the enterprise sector, he added.