LOC14:17
11:17 GMT
KUWAIT, May 4 (KUNA) -- Kuwait Telecommunications Company (STC) declared on Saturday posting net profits amounting to KD 8.8 million (USD 28.6 million) with profitability per share standing at nine fils during the first three months of 2024, as compared to the KD 8.2 million (USD 26.6 million) earned in the same period of 2023 (8 fils per share).
Muataz Abdullah Aldharrab, the company's Chief Executive Officer, said in a press release that the overall income amounted to KD 87.4 million (approx. USD 284.3 million) in the end of March 2024, at a rate of 0.9 percent in contrast to KD 86.6 million (USD 281.7 million) in the same duration of the previous year.
Proceeds grew without calculation of the interest, taxes, consumption and amortization by 1.1 percent, reaching KD 21.8 million (USD 70.9 million) during the first three months of 2024 against KD 21.6 million (USD 70.2 million) same period of the past year -- buoyed by the returns' climb.
He added that the whole assets were estimated at KD 467.1 million (USD 1.5 billion) in the end of March 2024, while shareholders' equity reached KD 217.8.8 million (some USD 708.6), affirming that the company enjoys robust solvency as compared to other telecom companies in the Middle East. (end)
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