Kuwait City: Kuwait Telecommunications Company (STC) reported that its annual net profits reached KD 31.4 million (approximately USD 101.7 million) by the end of 2024, with per share profits amounting to KD 0.31. The board of directors recommended distributing dividends of KD 0.35 per share, representing 35 percent of the nominal value of a share, as stated by STC CEO Motaz Al-Dharrab in a press release on Wednesday.
According to Kuwait News Agency, the company’s revenues for the fiscal year ending December 31, 2024, increased by 2.8 percent, reaching KD 336.5 million (nearly USD one billion), compared to KD 327.4 million in the previous year. The value of STC’s assets exceeded KD 462.2 million (around USD 1.49 billion), while shareholder equities rose to KD 5.24 million (USD 16.9 million), Al-Dharrab added.