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KD87.4mn stc’s revenues for the first three months ended 31 March2025 with KD 9.1mn net profit

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KUWAIT CITY, Apr 23: 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 three months period ended 31 March2025, ‎highlighting the most significant achievements as well as ‎the financial and operational performance‏.‏

The financial results for three months period31March2025‎

KD 87.4mntRevenues

KD 22.3mntEBITDA

KD 9.1mntNet Profit

‎9Kuwaiti filstEarnings per share

KD480.2mntAssets

KD 214.6mntShareholders’ equity

‎215fils per sharetBook value per share

‎2.2mn customerstCustomer base

In this regard, Eng. Muataz Abdullah Aldharrab, the company’s CEO, ‎stated: “By the grace of Allah Almighty, Kuwait Telecommunications ‎Company (stc) began the year 2025 by achieving good financial ‎results during the first quarter, further reinforcing its position ‎as a leading company in the telecommunications and ICT sector. ‎These results were reflected in the company’s operational ‎performance through the expansion of its business model and the ‎efficient management of internal operations, in line with its ‎strategy focused on quality-driven growth. stc continued to ‎strengthen its comprehensive and integrated digital and technical ‎services, enhance its infrastructure, and launch innovative ‎solutions that cater to the needs of both consumer and enterprise ‎segments. This aligns with the rapid developments in the sector ‎and is supported by the growing demand for digital services.‎

Commenting onstc’s key achievements during the first three months ‎of 2025, Eng. Muataz Aldharrab, the Company’s CEO, stated:” During ‎the first quarter of 2025, stc achieved key milestones, including ‎the enhancement of its 5G infrastructure as part of its efforts to ‎deliver an exceptional digital experience to its customers. This ‎has helped stc to provide unparalleled, high-quality products and ‎services for both individual and enterprise segments. The ‎enterprise segment has also seen progress, as stc’s subsidiaries ‎secured several projects across various sectors.‎

stc Kuwait is proud thatstc Group was ranked third among the ‎world’s strongest telecom brands in addition to its recognition ‎among the world’s top ten most valuable telecom brands, according ‎to the Brand Finance 2024 report, reflecting its digital ‎leadership and successful strategy in expansion and ‎innovation.stcalso takes pride in being the first company in ‎Kuwait to receive the ISO 37301:2021 certification for Compliance ‎Management Systems, which stands as a testament to its success in ‎fostering a culture of compliance, adhering to laws and ‎regulations, and building trust with all stakeholders, including ‎customers, shareholders, and regulators, during the first quarter ‎of this year. Furthermore, stc was recognized with the “Best ‎Telecommunications Company in Corporate Governance – Kuwait 2024” ‎award, while its subsidiary, solutions by stc, received the “Best ‎Digital Platform for Enterprise Customer Experience – My Business ‎‎– Kuwait 2024” award, highlighting the company’s excellence and ‎leadership in digital solutions and information technology.”‎

Commenting on the financial results for the period ended March 31, ‎‎2025, Eng. Muataz Aldharrab stated: “stc delivered a strong ‎financial performance during the first quarter of 2025, supported ‎by sustainable growth across various operational segments. Total ‎revenue reached KD 87.4 mn, reflecting a 5.5% increase during the ‎first three months of 2025 compared to KD 82.8 mn during the same ‎period last year. This growth was primarily driven by the rise in ‎consumer segment revenues, which accounted for 7‎‏8‏‎.3% of total ‎revenue. Meanwhile, the enterprise segment contributed to 2‎‏1‏‎.7% of ‎total revenue, supported by the ongoing efforts to enhance the ‎company’s business model, advance digital services, and provide ‎integrated technical solutions that meet the needs of businesses ‎across various industries.‎

Aldharrab added: “These results led to a 2.2% growth in ‎EBITDA,reaching KD 22.3 mn during the first three months of ‎‎2025,compared to KD 21.8 mn for the same period in 2024. This ‎growth was supported by higher revenues and improved operational ‎efficiency. ‎

Net profit reached KD 9.1 mn (EPS 9 Fils), reflecting a growth of ‎‎2.8% during the first three months of 2025, compared to KD 8.8 mn ‎‎(EPS 9 Fils) for the same period in 2024. This resilient financial ‎performance highlights the company’s success in cost management, ‎maintaining a balance between growth and future investments, and ‎capitalizing on the accelerated digital transformation in the ‎local market.‎

These results, along with the continued focus on efficiency and ‎innovation, highlight stc’s ability to enhance profitability and ‎achieve sustainable growth. It is worth noting that stc’s customer ‎base reached approximately 2.2 million customers by the end of ‎March 2025.‎

Commenting on the company’s financial position as of March 31, ‎‎2025, Aldharrab stated: “The company’s total assets reached KD ‎‎480.2 mn by the end of the first quarter of 2025, while total ‎shareholders’ equity amounted to KD 214.6 mn, reflecting the ‎strength of the company’s financial position and the stability of ‎its capital structure.‎

stc continues to maintain a strong solvency position, considered ‎among the strongest in the regional telecom sector. This enables ‎the company to continue investing in growth and expansion projects ‎without compromising its financial stability. Such a strong ‎financial position also allows the company to respond flexibly to ‎future opportunities and market shifts, while supporting its ‎expansion strategies in line with its vision for digital ‎transformation and sustainable growth, striking a balance between ‎investment-driven growth and operational returns.‎

Aldharrab Noted: “Driven by our understanding of the importance of ‎adopting a strong and comprehensive financial strategy as a key ‎pillar for success and sustainability, stc remains committed to ‎regularly reviewing and updating its financial strategy in line ‎with the company’s direction and ambitious strategic projects in ‎the coming years. This strategy supports stc’s vision to diversify ‎revenue streams, enhance the efficiency of financial resource ‎management, and ensure sustainable returns that benefit both the ‎company and its shareholders.‎

stc also maintains a continuous focus on monitoring key ‎performance indicators (KPIs), while efficiently executing its ‎operational and investment projects, leveraging its advanced ‎digital infrastructure and long-term growth plans. These efforts ‎are aligned with the company’s financial and strategic objectives, ‎further strengthening its operational efficiency and reinforcing ‎the adoption of best practices in governance and internal controls ‎to ensure business continuity and long-term excellence.”‎

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Global Economy Shows Signs of Improvement in Q2 2025: AEO

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Global Economy Shows Signs of Improvement in Q2 2025: AEO

Jamal Al-Loughani, Secretary-General of the Arab Energy Organization (AEO), formerly known as OAPEC.

KUWAIT CITY, Aug 13: The global economy showed signs of relative improvement in the second quarter of 2025, driven primarily by accelerated spending on imports in anticipation of higher US tariffs, alongside a general improvement in global financial conditions. This was revealed by Jamal Al-Loughani, Secretary-General of the Arab Energy Organization (AEO), in a statement to Kuwait News Agency (KUNA) on Wednesday, following the release of the organization’s second quarterly report on the global oil market.

Al-Loughani noted that the global economic growth rate forecast for 2025 was revised upward to 3%, compared to the earlier forecast of 2.8%. He attributed this positive shift to factors such as improved financial conditions and preemptive import spending. However, he cautioned that the lack of comprehensive trade agreements continues to stir concerns about the long-term impact of ongoing global trade uncertainties.

Despite this uptick in global growth, Al-Loughani pointed to a concerning 12.1% decline in the average spot prices of the OPEC basket of crudes, which fell to USD 67.4 per barrel during the second quarter. The prices of crude oil futures also recorded quarterly losses, with Brent crude and US West Texas Intermediate (WTI) falling by 10.8%, reaching $66.8 and $63.7 per barrel, respectively.

The AEO Secretary-General attributed the drop in oil prices to several factors, including shifts in US trade policy, growing concerns about a potential slowdown in global economic growth, and weaker oil demand. Additionally, he mentioned that the downgrade of the US sovereign credit rating due to rising government debt and a slowdown in China’s industrial production and retail sales further dampened investor sentiment.

Global oil supplies showed a slight increase, rising by 0.4% compared to the previous quarter, reaching 104 million barrels per day. This uptick was largely due to increased output from OPEC+ nations and the United States. On the demand side, however, global oil consumption saw a modest decline of 0.03% quarter-on-quarter, influenced by weaker demand from China and other Asian countries.

OPEC member states experienced a 9.5% decrease in crude oil exports during the second quarter of 2025, dropping to approximately $100 billion. This drop in revenue was primarily attributed to falling oil prices. Al-Loughani noted that these developments had a direct impact on the economic performance of member states, with a decline in oil revenues negatively affecting public finances and external accounts.

Despite these challenges, he emphasized that OPEC member states continued to pursue economic reforms aimed at reducing inflation, stimulating investment, and boosting labor market growth. Furthermore, the non-oil sector provided some support to these economies, helping to mitigate the overall economic impact.

Looking ahead, Al-Loughani expressed optimism for the continued growth of the oil sector, particularly with the OPEC+ decision to implement additional voluntary cuts in April and November 2023. These cuts are set to gradually increase production, reaching 411,000 barrels per day in July, 548,000 barrels per day in August, and 457,000 barrels per day in September. This increase in oil production is expected to positively affect oil revenues, which remain a crucial source of national income for member states.

Despite these positive steps, Al-Loughani warned that the global oil market remains surrounded by uncertainty. While OPEC forecasts indicate a decline in oil supplies from non-OPEC+ countries in the third quarter of 2025, global oil demand is expected to rise to approximately 105.5 million barrels per day. These projections, however, remain speculative due to several ongoing uncertainties, including escalating global trade tensions, geopolitical risks in the Middle East and Eastern Europe, and concerns over global economic growth.

Al-Loughani praised the continued efforts by OPEC+ countries, including six members of the Arab Energy Organization, to maintain balance and stability in the global oil market. These ongoing precautionary measures are aimed at ensuring the oil market remains resilient amid global economic and geopolitical challenges.

While the global economy has shown signs of recovery in the second quarter of 2025, the outlook for the oil market remains volatile, with both supply and demand factors contributing to continued uncertainty.

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Gulf Bank Concludes Successful Participation in University Admission Fairs at ‎Kuwait University and Abdullah Al-Salem University

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KUWAIT CITY, Aug 12: As part of its ongoing commitment to supporting education and empowering Kuwaiti ‎youth, Gulf Bank has successfully concluded its distinguished participation in the ‎university admission fairs at Kuwait University and Abdullah Al-Salem University. The ‎Bank actively engaged with new students, introducing them to its tailored banking ‎solutions designed specifically for young people.‎

Gulf Bank took part in the interactive admission fair held at Kuwait University’s Sabah ‎Al-Salem University City in Al-Shadadiya from 19 to 29 July 2025. The Bank’s booth ‎attracted a high turnout from students and parents, who showed great interest in the ‎banking services designed for university students.‎

Similarly, the Bank participated in the admission fair hosted by Abdullah Al-Salem ‎University at its Khaldiya campus from 6 to 17 July 2025. Gulf Bank’s presence ‎featured direct interaction with visitors, providing comprehensive information on ‎student accounts and other tailored services.‎

These participations are part of Gulf Bank’s continuous efforts to strengthen ‎engagement with youth and support them in the early stages of their academic journey. ‎Alongside sharing information on academic majors and admission processes, the ‎Bank also offered financial tips to help students manage their resources effectively ‎from the start of their university life.‎

At both events, Gulf Bank showcased its red account, one of its leading banking ‎solutions designed for customers aged 15 to 25. The account offers a wide range of ‎benefits, including prepaid cards, exclusive discounts, rewards on purchases, and ‎access to unique events and experiences that enrich both personal and professional ‎growth. ‎

Beyond its features, the red account serves as a platform to promote financial literacy ‎among youth, equipping them with the knowledge and skills to make informed ‎financial decisions early in life – positively shaping their future and fostering a ‎generation that is financially aware and capable of managing resources effectively.‎

Gulf Bank’s team expressed pride in supporting students throughout their high school ‎and university years, offering innovative banking services designed to keep pace with ‎their fast-paced lifestyles.‎

Gulf Bank concluded its participation by thanking the administrations of both ‎universities for organizing the fairs, which serve as valuable platforms to connect with ‎youth. The Bank reaffirmed its commitment to continuing its support for educational ‎and youth initiatives that contribute to Kuwait’s development and enhance the quality ‎of life for its students and community.‎

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Menzies Aviation set to expand MASIL operations at Mosul International Airport

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KUWAIT / LODNON, Aug 12:  Menzies Aviation, the leading service partner to the world’s airports ‎and airlines, has announced it will deliver ground, air cargo and fuelling services at Mosul ‎International Airport (OSM) in Iraq through MASIL, its joint venture with Iraqi Airways, Air BP and ‎Al-Burhan Group.‎

One fully operational, MASIL will provide a full suite of aviation services at OSM, under a new ‎‎10-year license, further strengthening its footprint in the region. This builds on MASIL’s ‎operations at Baghdad International Airport (BGW).‎

MASIL provided ground services for the presidential flight that signified the official reopening of ‎OSM. The flight, attended by Iraq’s Prime Minister Mohammed Shia’ Al Sudani, represented a ‎landmark moment in the airport’s history, which has been non-operational since 2014.‎

The milestone underscores the joint venture’s capabilities and readiness to support future air ‎traffic at the revitalised airport.‎

Mosul International Airport has undergone extensive reconstruction and is now equipped with a ‎main terminal, VIP lounge, and advanced radar surveillance system. The airport is expected to ‎be fully operational within the coming months, supporting both domestic and international flights ‎and handling an estimated 630,000 passengers annually.‎

The expansion marks a significant milestone in the continued growth of the MASIL joint venture ‎across Iraq and demonstrates Menzies’ commitment to supporting the country’s aviation ‎infrastructure and long-term development.‎

Charles Wyley, Executive Vice President Middle East, Africa and Asia, Menzies Aviation, ‎said: “We’re proud to expand our presence in Iraq with new operations at Mosul International ‎Airport through our MASIL joint venture. This is a major step in our journey to support the ‎redevelopment of Iraq’s aviation sector and bring world-class standards to the country’s airports. ‎Handling the presidential flight was a privilege and a clear signal of MASIL’s professionalism and ‎reliability as a trusted service provider.”‎

Menzies Aviation and Iraqi Airways formed MASIL in 2021 to provide ground handling, cargo, ‎and fuelling services. The joint venture includes operations at key airports including Baghdad and ‎will soon include Mosul, as it continues to support the modernisation of Iraq’s aviation sector.‎

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