The profits of “STC Kuwait” in the first quarter declined by 4% to about 7.7 million dinars, to come less than the average expectations of analysts.
This comes despite an increase in revenues by 10% to reach 77 million dinars.
Mazyad Al-Harbi, CEO of STC Kuwait, said in an interview with Al-Arabiya today, Wednesday, that the company’s performance is due to its ability to attract individual and institutional customers for advanced fifth generation services and smart services, as well as ICT services for business sectorsIncreasing the company’s ability to transform and digitally empower the government and private sectors.
He pointed out that the company is seeking to continue expansion, and its latest acquisition of the “electronic portal”, which came as a complement to the company’s plan, which began in 2019 to transform from an individual sector service operator to communications, information technology and digital empowerment services, as the company seeks to be a national enabler for transformation digital in Kuwait.
Al-Harbi added that the highly competitive telecommunications market, and the trend towards ICT and digital services are among the market requirements and an opportunity to expand services and revenues.
“We are also planning to expand in the field of digital financial services,” he said.
Regarding the distribution of bonus shares this year, the CEO of the Kuwait Telecommunications Company “STC Kuwait” explained that “the aim is to create additional value for shareholders, because the bonus shares greatly support liquidity and the volume of trading on the company’s shares on the Kuwait Stock Exchange, which enhances access to the fair value of the share. Which we have seen during the past two months is an increase in trading on the company’s shares.”
It is noteworthy that STC Saudi Arabia contributes 52% of the Kuwaiti company.