Mubasher: Kuwait Telecommunications Company (stc) has achieved a net profit of KWD 43.6 million during fiscal year 2019.

The recently rebranded company, which is a subsidiary of the Saudi stc Group, generated a total revenue of KWD 293.7 million in 2019, up 2% from KWD 287.9 million in 2018, according to a press release on Monday.

Earnings per share (EPS) stood at 87 fils, while the EBITDA grew by 6% to reach KWD 82.4 million in 2019 when compared to KWD 77.8 million in 2018.

Kuwait’s stc registered assets amounting to KWD 391.1 million as on 31 December 2019.

stc’s board has recommended distributing 50% of the share’s nominal value or 50 fils per share as cash dividends for 2019, subject to the approval of the ordinary general meeting (OGM), the press release added.

Commenting on 2019 financial results, the CEO of Kuwait’s stc, Eng. Maziad Al Harbi, said: “In addition to investing in the advanced 5G infrastructure, the company has the largest 5G network with 100% coverage of the populated areas at the end of 2019. Moreover, stc’s customer base has reached 2.0 mn customers at the end of December 2019.”