Mubasher: Kuwait Telecommunications Company (stc) reported KWD 15.9 million in net profit during the first half (H1) of 2020.
The telecom company achieved revenues of KWD 136.4 million, and earnings per share (EPS) of 32 fils, according to a press release on Monday.
During H1-20, stc launched advanced products and services backed by the 5G technology and enhanced its position as the second-largest telecom operator in Kuwait with a market share of 35% in terms of sector’s market share of revenues
“Despite the negative consequences associated with the COVID-19 outbreak, which had an adverse impact on businesses and vital sectors in general, stc was able to achieve these results through adopting a flexible operating model, implementing its digital transformation strategy and offering integrated advanced solutions,” said Maziad Alharbi, stc’s CEO.
The CEO stressed the company's support for the Kuwaiti government’s social distancing requirements for both individuals and corporates.
As of 30 June 2020, the company’s total assets reached KWD 403.7 million, while total shareholders' equity reached KWD 206.3 million, with a book value of 413 Kuwaiti fils per share.
