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Company profile

Kuwait Telecommunications Company (stc) is a Kuwaiti shareholding company incorporated pursuant to the Amiri Decree No. 187 on 22 July, 2008, to operate and manage with the third GSM versatile system in Kuwait according to Law No. 2 of 2007.

Kuwait Telecommunications Company (stc), a leading brand in the telecommunications industry, was established in December 2008 as a subsidiary of stc Group, the world-class digital leader, providing innovative services and platforms, and enabling the digital transformation of the region. With a share capital of KD 50 million, stc was listed on Boursa Kuwait in December 2014. In 2019, stc fully acquired Qualitynet General Trading and Contracting Company - the leading Internet Service Provider in Kuwait – with the aim to capitalize on the new opportunities in the Kuwaiti Telecom Market.
stc always stives to support the vision of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for Kuwait 2035, in positioning Kuwait as a major financial and commercial hub in the region. Hence, stc is keen on providing its customers, both individuals and enterprises, with a unique pool of products and services that satisfy their aspirations and cater to their needs. stc offers numerous opportunities in the fields of telecommunications, entertainment, information, digital and data transfer services, besides delivering the best customer experience around the clock.

Throughout a decade of excellence in service, transparency and proactivity, in addition to being the fastest-growing and most advanced telecom operator with the largest 5G network in Kuwait, stc’s customer base has proudly reached 2.0 million.


stc has succeeded in attracting the private sector investments, driving the economy and repositioning telecom market as one of the most vital and active sectors in the evolution of global technology. stc has also extended its services to provide the best wireless coverage in Kuwait, and thus, played a key role in improving the nation’s urban infrastructure.
Since 2008, stc’s accomplishments have transformed the Kuwaiti telecom market, including changing wireless pricing models and fees. In 2016, stc entered the International Telecommunications Union (ITU). In 2018, stc became the first network, in the MENA region, to offer its customers the 5G service and to enable enterprises in mobility. stc has invested in building the most advanced network, and proudly owns the largest number of sites covered by the 5G service in Kuwait. Additionally, stc is currently working on enriching its services, products and solutions offered to its customers, individuals and enterprises, through its collaboration with Qualitynet General Trading and Contracting Company’s experienced and competent team.
Last but not least, stc succeeded in creating job opportunities and focusing on the Kuwaitization plan, reaching 63% of the company’s workforce, by attracting the top talents through partnerships and collaborations in the Kuwaiti market. stc is committed to a rich Corporate Social Responsibility ‘CSR’ program and has launched multiple initiatives for supporting talent in the fields of healthcare, sports, entrepreneurship, education and environment.


A world-class digital leader providing innovative services and platforms to our customers and enabling the digital transformation in Kuwait.


Our strategy outlines the key pillars to expand stc’s topline, create value with greater efficiencies, while preparing the company for the future:

  • End to end digital experience
  • Enhance core performance
  • Reinvent customer experience at world class standards
  • Leveraging on group synergies



stc aspires to a new digital age transforming our nations and economies.
stc creates products and services beyond the traditional telecommunications services to enable the digital pillars of the new digital economy. At stc, we combine smart technologies with the most advanced systems to harness the digital capabilities and the full power of technologies to better serve our customers, stakeholders, government entities, and the local community as a whole.
We develop digital platforms, solutions, and services based on data science, cloud computing, artificial intelligence, and advanced digital analytics driven by the 5G services. By empowering the leading industries, businesses, and governmental entities to thrive through providing the most innovative digital services, stc focuses on shaping a sustainable future for the local community with a deeper insight and accelerated growth.

Year in review 2021

Our business model

Our stakeholders

stc maintains a strong, transparent and healthy relationship with its stakeholders, that is built on trust and mutual interests.

Company’s management endeavors to act in the best interest of stc’s stakeholders including investors, employees, suppliers, customers, government entities and the local community through understanding their needs, obtaining their feedback and presenting it in the board meetings. By committing to our purpose, complying with our values, engaging our stakeholders in our daily operations and following a holistic commercial as well as financial strategy, stc is better able to keep pace with the latest trends in the industry in order to create value and exceed the stakeholders’ expectations. Finally, yet importantly, throughout the critical times of the COVID-19 pandemic crisis, stc has managed to keep its stakeholders fully engaged capitalizing on the power of the digital services it offers to obtain their feedback and ensure a prompt response to their queries.



A dedicated Investor Relations team is responsible for communicating with stc’s existing and potential investors on a regular basis and upon request via various physical and virtual communication channels.

At stc, we are open to communicate company’s market position, competitive advantages, company strategy as well as financial and operational performance to the investment community. During the COVID-19 pandemic, stc’s Investor Relations team ensured the investment community was fully informed with the latest developments as well as corporate responses taken by the company to maintain its viability.



stc views its employees as one of the main assets of the company through whom the daily operations are executed and profitability is achieved. Since inception, stc was always keen on investing in its human resources to upgrade their capabilities based on market demand and industry’s megatrends.

stc’s management is responsible for keeping all employees engaged in the company’s daily operations through setting clearly defined policies and procedures in line with stc’s mission, vision, values and purpose. With the regular physical and virtual meetings that stc’s executive management conduct with its staff at all levels, employees are encouraged to give their feedback pertaining the critical issues not only in their dayto-day operations, but also concerning the outlook of the relevant department.

Being the key success factor to company’s operations during the pandemic, stc now prioritizes investing in its people more than ever before. The company’s working teams have proved their ability to beat the global challenges faced during the COVID-19 crisis through their continuous efforts and professionalism associated with stc’s continuous support while working remotely



At stc, a specialized team is handling the supplier relationship management through arranging and managing the contractual and procurement processes. Furthermore, each department is responsible to maintain a strong relationship with its suppliers through conducting physical or virtual meetings on a regular basis as and when required.

stc’s management is responsible for choosing international and local suppliers in line with industry’s best practices, and those who meet the local and regional communities’ demand.



With a strong customer base of around 2.0 million customers, stc is committed to delivering the most advanced products and services to its customers both, individuals and enterprises. Hence, stc is keen on maintaining an upward pace with industry’s latest trends and technological advances through following its digital transformation strategy and creating strategic partnerships with the leaders in the digital industry. Throughout the pandemic period, stc managed to keep up its business operations and serve its customers through adopting a flexible operating model based on a welldeveloped business continuity plan that guided the working teams to execute their dayto-day operations efficiently and effectively while working remotely.

stc leveraged on its strategic partnerships and capitalized on the digital services backed by the 5G technology to offer a wide range of products and services aimed at aiding its customers during critical times where the digital platforms were needed.


Government entities

stc adheres to market regulations through complying with all the rules and regulations issued by the regulatory bodies in the State of Kuwait. stc is also committed to providing full disclosures of all material information that would affect the investment community or the telecom industry in Kuwait.

stc not only ensures transparency and accountability of all company’s activities but is also responsible for abiding by the corporate governance rules and regulations. During COVID-19 crisis, stc ensured following the instructions imposed by the Kuwaiti government and its regulatory bodies necessary to avoid outbreaks of the contagious disease.


Local community

stc contributes to the local community by launching a number of corporate social responsibility initiatives that serve the Kuwaiti society. Driven by its devotion to serve the Kuwaiti society, stc has a specialized team that presents the company in the local media and public events in order to inform company’s current and potential stakeholders with stc’s latest news, services as well as market position.

Amidst the COVID-19 global economic challenges, stc focused on launching awareness campaigns in addition to collaborating with a number of governmental entities in order to assist the local community to combat the pandemic.


Shareholder Information

  • Our stakeholders

  • Investors

  • Customers

  • Shareholder information

  • Suppliers

  • Employees

  • Government Entities

  • Local

Key financial indicators

Trusted by 2.0 Million active customers

Subscribers (Million)

  • 2.0 Million 2.0
  • 1.9 Million 1.9
  • 2.0 Million 2.0

Revenue (KD million)

  • 296.3 Million 296.3
  • 283.2 Million 283.2
  • 293.7 Million 293.7

EBITDA (KD million)

  • 83.8 Million 83.8
  • 73.4 Million 73.4
  • 79.6 Million 79.6

EBITDA Margin (%)

  • 28.5% 28.5
  • 25.9% 25.9
  • 26.9% 26.9

Net Profit (KD million)

  • 43.6 Million 43.6
  • 32.1 Million 32.1
  • 44.9 Million 44.9

Shareholder’s Equity (KD million)

  • 215.4 Million 215.4
  • 222.2 Million 222.2
  • 237.2 Million 237.2

EPS (fils)

  • 87 fils 87
  • 64 fils 64
  • 90 fils 90

Cash Dividends (fils)

  • 50 fils 50
  • 60 fils 60
  • 60 fils 60

Bonus Shares

2021 at a glance


Operational highlights

stc's commitment towards enhancing customer experience and delivering results to its shareholders


5G Coverage of residential and populated areas

Years in operation



Kuwaiti Employees



Market share


Million Customers


Management's review of stc in the Kuwaiti telecommunications market


Dr. Mahmoud Ahmed Abdulrahman


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Chief Executive Officer

Eng. Maziad Alharbi

Chief Executive Officer (CEO)
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Chief Financial Officer

Mr. Mohammed Mubarak Al Faran

Chief Financial Officer (CFO)
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Market review

In our constantly evolving economies, stc strives to keep moving forwards in line with the new and transformational technologies that are shaping people’s life, global communication, and corporate activities. Hence, for stc to maintain its market position as a leader in the telecommunication, IT and ICT industries, it became necessary or even mandatory to acclimate, adapt, and seize the most recent technological digital advances that shall influence the areas in which our customers operate. A recent research by IDC (International Data Corporation) indicates the forecasted global annual spending on technologies and services to hit about $2.3 trillion.

Industry trends

ICT integration

In the recent years, mobile operators have been shifting from providing solely traditional telecom products...

ICT integration

In the recent years, mobile operators have been shifting from providing solely traditional telecom products and services into offering a wide range of end-to-end hardware as well as software integrated solutions to the B2B and B2C sectors. Where the demand for Data, Cloud, IoT and Cyber security services is steadily growing, Telecom operators found new opportunities arising from extending their services to include ICT solutions and enhance their ICT infrastructure to obtain an easier access to data in addition to enriching customer satisfaction.

Intense competition

With the global direction for digitization and ICT services, Kuwait telecom market is currently facing...

Intense competition

With the global direction for digitization and ICT services, Kuwait telecom market is currently facing a significant stiff competition that led telecom operators to capture business opportunities in deploying new as well as more advanced. connectivity technologies and solutions that create more value in the enterprise, governmental and consumer sectors.

Digital transformation and the digital ecosystem

A new era of transformation has begun where corporates and governments are more focused...

Digital transformation and the digital ecosystem

A new era of transformation has begun where corporates and governments are more focused than ever before on adopting sophisticated technologies and new business strategies with the aim of maintaining their competitive position in a world that is always evolving rapidly. Accordingly, COVID-19 crisis has accelerated the need for telecom operators and ICT services providers to integrate the ESG and climate factors into their corporate strategy. This hurdle represented a wake-up call for the telecom and ICT providers to find the most effective plans and corporate strategies that insure business continuity with a main focus on digitization, high-tech advances, energy reduction and carbon emissions that would contribute to the public health, preservice of natural resources, alleviation of the environmental impacts and value adding services.

Virtual reality (VR)

Virtual reality has gone above and beyond entertainment to the extent...

Virtual reality (VR)

Virtual reality has gone above and beyond entertainment to the extent of being included in the healthcare, tourism, education, institutions industries. In this regard, employees can use virtual reality when executing their tasks to experience life-like circumstances that improves business operations. On the contrary, the technology is still in its early stages of development as many organizations around the globe are hesitant to completely commit to the virtual reality technology due to various concerns related to costs, accessibility, and safety.

Economic uncertainty

With the current economic instability post the COVID-19 crisis, different...

Economic uncertainty

With the current economic instability post the COVID-19 crisis, different sectors around the globe has been doing their utmost to enhance their operating margins through focusing on digitization and adhering to the digitalization process. As a result, telecom operators leveraged on their digital platforms and communication channels to serve the consumer, private and public sector with the very best possible efficiency

Remote working

The past two years witnessed a global shift towards remote working throughout the full...

Remote working

The past two years witnessed a global shift towards remote working throughout the full and partial lockdown in the corporate, business, educational and industrial trends since the onset of COVID-19 crisis. The increasing demand on the digital and online platforms opened the door for telecom and ICT operators to realize new streams of revenue capitalizing on the fixed highspeed broadband and mobile networks. With the use of efficient technologies, online cloud computing, digital security and digital solutions became an integral part of not only the individuals’ and corporates’ daily operations but also the business continuity planning. This has opened the door for many industries to obtain the benefits of cost optimization, such as rent, utilities, building maintenance, cleaning, and equipment.

Technology trends

Internet of things (IoT)
The internet of things markets are witnessing an upward trend in the consumer and enterprise sectors. The artificial intelligence (AI) employed in the IoT to collect and share data would increase the corporate efficiency, raise the level of automation and help to deliver better customer service. The global direction towards the use of IoT technology and AI-based solutions is attributed to their potential of being applied in almost all the daily operations leading to an operational cost reduction. Not to mention that these technologies are developing in complexity and intelligence in every way especially when combined with digitization. Following are examples of the innovative IoT applications in various domains:

IoT and connected devices are increasingly finding their way into consumer applications such as smart watches, home automation, connected health, connected transportations and other wearable devices.

IoT opens up a completely new world of possibilities for the manufacturing industry with the ability to integrate seamlessly with various devices and processes in the industry domain.

Transport and Logistics
IoT applications touch a variety of aspects of this rapidly expanding business like vehicle tracking, driver information system, navigation, safety and roadside support,… etc.

IoT offers a wide range of medical and healthcare applications as it enables hospitals and medical institutions to run more efficiently. It also simplifies the way in which patients can receive better treatment. Hence, the IoT has been recently integrated with a variety of medical devices, resulting in a higher quality and more effective medical services.
Cloud technology
The benefits of adopting cloud technology go far beyond the ease of accessing data and the flexibility of connecting to the business anytime and anywhere. The following represent the key areas where cloud technology and data storage play a vital role in the success of major telecom and ICT solutions providers:

Diminished IT costs
  • Cost of managing and maintaining IT systems
  • Reduce the need of purchasing expensive systems and equipment.
  • Reduce operating costs (cost of system upgrades, eliminate wages for additional staff and reduce energy consumption costs)
Business continuity and disaster recovery
  • Having the data stored in a secure and safe location helps organizations to manage businesses more effectively in case of power failure, natural disaster, security issues or other crises. Cloud technology also enables consumers and enterprises to leverage on the shared hardware through the use of fast as well as secure connectivity with lower latency.
Participation efficiency and increased collaboration
  • Communication and shared services is executed with the use of modern and faster methods instead of the old and traditional methods.
Additional benefits including, but not limited to, automatically access updates, scalability and loss prevention.
Connectivity and digitalization
The telecom sector is witnessing drastic changes in terms of enhancing the digital services and business solutions for the consumer and enterprise sectors; embodied with creating partnerships with mobile virtual network operators (MVNO’s). Digitization has become an essential part of our daily activities and business operations where it has been taking into many shapes to reach digital payments throughout the use of IoT, Cloud solutions and connected devices. On the other hand, MVNO’s are designed to cater customers’ needs via customized plans designed for the consumer and enterprise sectors with lower than usual prices.
5G network
Telecom operators are heavily relying on 5G networks to build their infrastructure with the purpose of supporting their services to handle the accelerating demand on more connected devices, higher speed and data usage, Cloud solutions as well as ICT and IoT services. This would also enable telecom operators to better execute their business continuity plans to survive and reach effectiveness and efficiency in terms of operations, resiliency, agility as well as performance throughout the most critical economic and operational conditions.
Cyber security
With the increased reliance on connectivity and the new technologies here comes a need for stronger and more dependable cyber security that allows high-tech operators to open up for new growth opportunities. Thereafter, the growing demand on digitization, Cloud services and IoT creates a vital need for Cyber security to provide consumers with solutions in cyber security and protection ‘Shield’ services.

Since inception and following the COVID-19’s impact on the global economy, stc has always been proactive to identify the key trends influencing its operations. Accordingly, this section of the annual report gives an insight into the latest market and technological developments that have thrived over the last few years and became a global inevitability post the COVID-19 crisis.

Risk management

Effective and efficient Risk Management framework is an important enabler to the achievement of stc’s strategic objectives. The Risk Management System in stc follows a systematic and disciplined approach in order to provide clear responsibility and accountability structures for effective Risk Management and Business Continuity. The ‘Risk Category’ covers seven (7) major areas: Customer Experience & Services Quality, Financial, Governance, Regulatory & Compliance, Health & Safety, Human Resources, Network Reliability, and Reputation & Community. The Board Risk Management Committee (BRMC) oversees stc’s Risk Management Framework, reviews the key risks (existing and potential), and their respective mitigation strategies to ensures risk management effectiveness. The BRMC holds quarterly meetings to review the management of these risks and effectiveness of mitigation strategies and controls, and actively identify the positive business opportunities in relation to these risks.


stc’s Risk Management Framework has been benchmarked with leading international standards and guidelines such as ISO 31000 and COSO.

Key milestones

stc's journey of growth

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Strategic Framework

In a year full of challenges due to COVID-19 pandemic, stc has moved forward to implement its new corporate strategy ‘AHEAD’ with the ambition of propelling the company on its path to market leadership.
AHEAD aims to position stc as a digital pioneer by enhancing and building on our current initiatives to enable the digital transformation in Kuwait. The foundations of AHEAD are customer centricity, technology leadership, capture growth opportunities and leverage on the stc group capabilities.
Throughout the past couple of years, stc has successfully optimized its operations, invested in developing the largest 5G network in Kuwait and enhanced its digital channels to provide its customers with an unrivalled experience. In 2021, stc was the first operator in Kuwait to launch the FULL 5G (standalone 5G) providing better customer experience in terms of download speed and latency, and providing a broader range of use cases. Our opportunity now is to accelerate our momentum and build on our strengths by looking and moving AHEAD.

AHEAD leverages on 5 strategic pillars

Anticipate Consumer Needs

Knowing what our customers need before they ask and serving them greatly: stc applied this pillar by innovating on its product portfolio to meet new customer needs. In 2021, stc revamped its product portfolio and enlarged the range of devices (ZEED) offered to the customers.

Harness Enterprise Opportunities

Capturing the potential of the Enterprise market across Sectors by offering integrated communications and IT solutions. The pandemic has propelled the development of new vertical solutions that have been developed in the areas of safety, education and health.

Excel Digital Experience

Accelerating the digital life of our customers and the digital transformation in Kuwait leveraged on leading-edge technology: stc has revamped its digital platforms to offer new services and experiences.

Accelerate Enabling Capabilities

Moving forward with a nimble and digital operating model with a relentless focus on profitability.

Devote Performance Culture

Developing stc employee’s potential and nurturing skills for the future in order to attract top talent to continue leading Kuwait telecom market.

stc response to COVID-19

The challenge

As COVID-19 has started to dominate the public health in early 2020 and struck most countries around the world, causing enormous challenges to the health systems, governments and corporates were eager to adopt unprecedented measures that would prevent the pandemic spread, financial markets collapsibility or business operations halt. This has entailed a widespread shutdown among all sectors due to the danger of social interactions that would spread the virus expeditiously.

stc’s Response

Consequently, in response to the global appeal, stc’s executive management continued to support the holistic role of the internal Committee which was created early 2020 to monitor company’s operations throughout the critical times of COVID-19 crisis. Up until this moment, the Committee was responsible for reviewing and evaluating stc’s Business Continuity Plan to ensure its effectiveness all the way through the ongoing political, societal and economical changes. The crisis management and infection control procedures developed by the Committee have not only helped stc to resume its operations during the lockdown periods but also played a significant role in the financial performance recovery during 2021.

In addition to its compliance with the international best practices with regards to the preventive precautionary measures and procedures, stc was at the forefront of the companies who led a hand to the Kuwaiti government and contributed to mitigating the negative impacts of COVID-19 crisis, by fully adhering with the government’s instructions and applying ample health precautions among all its employees and customers.

Accordingly, stc ensured adopting the following measures within company premises and across all the branches:

  • Continuous distribution of facemasks, gloves and sanitizers at the company premises and across the branches
  • Sanitizing all the facilities
  • Distributing awareness leaflets in every floor and company elevators
  • Sending out instructive emails to all employees pertaining to the health and safety precautions.
  • Utilizing on the thermal cameras in the company entrance to detect infections.

The recovery process

In 2021, the pandemic has gradually begun to break down after the emergence of antiviral vaccines, whereby, stc played a significant role in the vaccination campaign lunched by the Ministry of health. During the course of vaccinating the population in Kuwait, solutions by stc (stc’s specialized arm) has provided full internet coverage services in Sheikh Jaber Al-Ahmad Al-Sabah Bridge, as a contribution and support for the MOC and their employees. In addition, and in cooperation with the Ministry of Heath, stc has organized a huge vaccination campaign consists of two phases were held in the company’s headquarter and the Ministry of Heath vaccination locations, as stc has proudly succeeded to vaccinate around 1,000 of the company’s employees and their families.

With an attempt to abide by the Kuwaiti government’s plan of the gradual return to normal life in Kuwait, in June 2021, stc has begun to implement its “return to work” plan that was prepared in advanced after the flexible working hours plan was implemented since the third quarter of 2020. The “return to work” plan consists of five phases.

With the aim of implementing the above mentioned “return to work” plan, stc was keen to keep its employees engaged in the day-to-day business activities especially after the successful and well-planned working remotely arrangement that took place throughout the pandemic. Accordingly, the Company was not in rush to increase the number of employees in the working place and has adopted the structured rotation between the employees within each department across all company sectors. As a result, stc was able to maintain its business operations with the same high quality of services provided to customers while building on company’s strategic framework and harnessing the technological advancements to recover from the adverse impacts of COVID-19 on the telecom sector in Kuwait. The flexible working environment and well-defined human resources plans are set to ensure the safety of all stc’s employees, being the company’s most important priority.

Corporate social responsibility

Bridging the gap for a better tomorrow

Annual Report 2021

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