The three telecom companies “Zain”, “stc” and “Ooredoo” achieved net profits of 62.7 million dinars at the end of the first quarter of this year, compared to net profits of 54 million dinars achieved in the same period last year, an increase of 16.1% on an annual basis.
The lion’s share in the profit growth was in favor of “Ooredoo”, whose profits jumped by about 757 percent to 8 million dinars, while “Zain” grew by 6 percent in its profits to 47 million dinars, and “stc” recorded profits by about 7.7 million dinars between last January and March.
Statistics prepared by a local Arabic daily showed that the revenues of the three companies were 637.8 million dinars in the first quarter of this year, compared to 597.8 million dinars in the same period in 2021, i.e. a growth of 6.69 percent.
The figures showed that the number of customers in “Zain”, “stc” and “Ooredoo” amounted to about 7.2 million customers at the end of last March, at a level similar to their number in the first quarter of 2021, which reflects the companies’ success in continuing to maintain customers’ trust.
The data confirms Kuwait’s distinguished share of the profits and operations of “Zain” and “Ooredoo”, as the local market was one of the highest contributing markets to the profits and revenues of each of them during the first quarter, as a result of the continued large spending on telecommunications and Internet services by customers.
Zain, Ooredoo and stc continued to invest in improving their networks, launching new services, and making new acquisitions to upgrade their business, the latest of which was stc’s acquisition of the Electronic Gateway Holding Company last month, in addition to Zain launching several specialized entities. Within its network, the large investments by «Ooredoo» on more than one level.