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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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2 months ago

April 23, 2025

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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.”‎

Related Topics:9.1mn Ended KD87.4mn March2025 months Net Profit revenues stcs

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Second phase of merging Kuwait oil companies underway

Published

4 hours ago

June 30, 2025

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

6 hours ago

June 30, 2025

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

Business

Kuwait updates regulations for public properties and service fees

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8 hours ago

June 30, 2025

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.