2025
annual report
Connecting bridges to
a digital tomorrow
Amir of the State of Kuwait
H.H. Sheikh Mishal Al-Ahmad
Al-Jaber Al-Sabah
The Crown Prince
H.H. Sheikh Sabah Khaled
Al-Hamad Al-Sabah
Theme of the year
In today’s rapidly evolving world, connectivity has become the cornerstone of digital
transformation. As technology continues to blur the boundaries between physical and
virtual spaces, redefining connectivity means more than just improving communication
networks; it’s about building bridges that enable digitization across every aspect
of life and linking the present to the future through the power of digital integration.
These bridges connect people, businesses, and systems, allowing information to flow
seamlessly and innovation to thrive.
stc is not only
connecting networks
Evolving from a leading telecommunications
provider into a multi-sector digital catalyst, stc
is bridging industries, communities, and future
opportunities through integrated platforms, high-
speed networks, and intelligent technologies. As a
digital enabler with stronger digital connections,
stc aims to enhance efficiency and accessibility,
as well as creating new opportunities for
collaboration, inclusion, and sustainable growth.
As the digital ecosystems expand, so does
stc’s digital vision. Through next-generation
connectivity, cloud solutions, IoT deployment,
cybersecurity services, and smart infrastructure
investments, stc is not only powering
communication but enabling new value chains
across government, enterprise, and everyday life.
Driven by the r.e.a.c.h. strategy, these advancements
are demonstrated by long-term partnerships, a
flexible business model, and continued expansion
into high-growth verticals such as AI-powered
applications, digital payments, and data-driven
platforms.
Throughout 2025, stc strengthened its role as
Kuwait’s digital bridge-builder, facilitating
connectivity within sectors such as energy,
healthcare, education, and transportation, while
empowering SMEs with scalable digital capabilities.
Annual Report 2025
Theme of the year
stc Kuwait | Annual Report
it is connecting
possibilities
With the launch of the company’s innovative
consumer and enterprise platforms, stc played a
pivotal role in supporting Kuwait’s advancement
toward becoming one of the region’s leading digital
economies, reinforcing its position as a key driver
of national digital transformation.
stc also reinforced its contribution to national
priorities by integrating sustainability, governance,
and talent development within its innovation
agenda. From local cloud hosting to public-private
partnerships, stc continued to expand digital
accessibility and nurture a future-ready workforce,
supporting Kuwait’s transition toward a knowledge-
based, tech-driven economy.
As Kuwait enters a new phase of digital
acceleration, Connected Horizons reflects
stc’s commitment to shaping a borderless,
interconnected future, a future where technology is
not just a tool for communication but a foundation
for opportunity, creativity, and economic resilience.
Connecting
bridges to
a digital tomorrow
Table of
contents
01
02
Overview
About stc
FY 2025 Highlights
12
Year in Review
14
Our Journey
18
Shareholder Information
20
Investment Case
22
Strategic
Review
Chairman’s Statement
28
CEO’s Message
32
Our Business Model
36
Strategic Framework and
Corporate KPIs
38
CFO’s Review
42
Engaging our
Valued Stakeholders
46
Risk Management
48
03
Business Review
Consumer Segment
62
Enterprise Segment
66
Technology Sector
70
Annual Report 2025
Theme of the year
stc Kuwait | Annual Report
04
05
Website
Youtube
Contact us
Sustainability
Review
Our Sustainability
Vision for 2025
76
Our Strategic ESG Priorities
78
stc Kuwait Sustainability
Achievements – 2025
82
Governance
Report
Corporate
Governance Report
86
Shariah Supervisory
Board Report
128
Audit Committee Report
130
06
Financial
Statements
Financial Statements
Integrity for the Board
of Directors Declaration
136
Independent auditor’s report
to the shareholders of Kuwait
Telecommunications
Company K.S.C.P.
138
Consolidated Statement
of Financial Position
142
Consolidated Statement
of Profit or Loss
144
Consolidated Statement
of Profit or Loss and Other
Comprehensive Income
145
Consolidated Statement
of Changes in Equity
146
Consolidated Statement
of Cash Flows
147
Notes to the Consolidated
Financial Statements
149
Overview
A strategic overview of stc’s performance,
achievements, and commitment to
sustainable value creation.
About stc
FY 2025 Highlights
12
Year in Review
14
Our Journey
18
Shareholder Information
20
Investment Case
22
Annual Report 2025
stc Kuwait | Annual Report
Overview
About stc
Kuwait’s most trusted and innovative
telecom operator for over 17 years,
stc is dedicated to advancing Kuwait
Vision 2035 by powering the nation’s
digital transformation and positioning
the country as a leading financial and
commercial hub in the region.
Over the past decade, we have
solidified our position as the fastest
growing and most advanced telecom
operator in Kuwait. In support
of building the largest 5G network
in the country and being the first
in the region to launch 5G Standalone
Technology, stc launched the ”5G
Advanced” network to enable
more precise connectivity, higher
speeds, and more intelligent network
capabilities that align directly with
the objectives defined under Kuwait
Vision 2035.
Across our 64 branches and digital
platforms, we offer a comprehensive
portfolio of products and services
tailored to meet the diverse needs
of both individual and enterprise
customers. From telecommunications
and entertainment to information,
digital solutions and data transfer
services, we are committed
to delivering exceptional experiences
and outstanding support to our
+2.3 million customers – wherever they
are, whenever they need it.
373
employees
61%
of employees are Kuwaiti
nationals
17
years in operations
100%
coverage of residential
and populated areas
Annual Report 2025
stc Kuwait | Annual Report
Overview
stc Kuwait | Annual Report
Computer Data Networks
Our brand
Our subsidiaries
solutions by stc
stc completed the acquisition of the entire capital of
Qualitynet (solutions by stc) on 6 May 2019. The company
specializes in providing integrated business solutions,
internet services, and fixed broadband services. This
process was one of the crucial steps in our journey to
improving the business solutions that stc offers to its
customers. This milestone combined the strengths of two
established and well-positioned telecom companies with
prestigious and strong positions in the telecom and ICT
sector, as well as paving the way for both individual and
enterprise customers to achieve their desired goals.
e-Portal Holding Company
and its subsidiaries
On 6 April 2022, stc has completed the acquisition of
the entire share capital of e-Portal Holding Company
and its subsidiaries, specializing in communications
and ICT in Kuwait, one of the most prominent companies
in this field. e-Portal represents stc’s dedicated digital
transformation arm for the B2B sector, providing
Information and Communication Technology (ICT),
Internet of Things (IoT), as well as cloud services, and
serving as a leading Oracle solutions provider in the
State of Kuwait through its subsidiaries, Al Dar Systems
and J.M.T. Al Ghanim & Sons Co., delivering end-to-end
enterprise technology solutions across the public and
private sectors.
In addition, JMT serves as Oracle’s official distributor
in Kuwait, bringing over two decades of Oracle delivery
excellence across Business Intelligence, Database,
Financials, Supply Chain, Human Capital Management,
and enterprise integration technologies.
Kuwait Telecommunications Company (stc) has a brand
name which considered the most valuable brands
in the Middle East in the telecom sector. It is a unified
trading brand of the group’s companies in KSA, Kuwait,
and Bahrain. The Group’s brand name was ranked 3rd
strongest telco brand in the world by Brand Finance.
stc’s strong brand name is one of the key factors that
enhanced the company’s position in telecom market
in the region and the gateway through which stc seeks
to keep abreast of the latest technical and digital
developments in the ICT sector.
Vision, Mission,
Values, and Purpose
Dynamism
Outstanding
energy to enhance
and enrich our
performance.
We are agile,
collaborative and
fresh.
Drive
Moving forward and
enabling the best
possible solutions
for our clients
and employees.
We are proactive,
inventive and
inquisitive.
Devotion
Determined
to be a ”customer
centric” company
for our clients and
an inspirational
workplace for our
employees. We
are caring, committed
and trustworthy.
Mission
Enable Kuwait’s digital
transformation by empowering
customers and supporting
government initiatives through
innovative and tailored solutions,
while driving growth and
shareholder returns.
Vision
Digital leader, enriching lives and
empowering businesses.
Values
Annual Report 2025
stc Kuwait | Annual Report
10
Overview
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. We develop digital platforms,
solutions, and services based on data science,
cloud computing, artificial intelligence,
and advanced digital analytics driven by 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 to for the local community with deeper
insight and accelerated growth.
stc aspires to a new digital
age transforming our
nations and economies.
Purpose
11
FY 2025 Highlights
Key financial indicators
Revenues (KD million)
342.5
(2024: 336.5)
+1.8%
EBITDA (KD million)
93.5
(2024: 85.3)
+9.6 %
Net Profit (KD million)
34.1
(2024: 31.4)
+8.7 %
EBITDA Margin (%)
27.3
(2024: 25.3)
+1.9 pt.
Earnings Per Share (Fils)
34
(2024: 31)
+8.7 %
Dividends per share* (Fils)
38
(2024: 35)
+8.6 %
Results are compared to the same period last year.
*Cash Dividends distribution for the year 2025 is subject to the approval of the Ordinary General Assembly.
Annual Report 2025
stc Kuwait | Annual Report
12
Overview
ESG highlights
Diesel generator sites
were cut by 31%
Employee Well-Being
Index reached 88.8%,
marking a +13.0 pt. year-
on-year improvement
Advanced workplace
inclusion through
autism awareness
initiatives
Established the
Sustainability
Steering Committee
(SSC), chaired by the
CEO and comprising
senior executives
Operational highlights
2.3
million
subscribers
34.1%
market
share
21%
female
employees
2.9 K+
towers
64
branches
5G
Advanced
launch
completed
13
2025 represented a significant chapter in stc’s ongoing
journey of growth and innovation. Amidst a rapidly evolving
digital landscape, the company continued to build on its
strong foundation by enhancing network capabilities,
expanding its portfolio of digital services, and strengthening
its position as a trusted enabler of Kuwait’s digital economy.
Guided by its strategic vision and commitment to innovation,
stc advanced its digital transformation journey, delivering
enhanced value to customers, partners, and the wider
community.
stc was the first to earn
the ISO 37301:2021 certification
for Compliance Management
Systems in Kuwait
stc awarded ISO 37301:2021
certification for Compliance
Management Systems, which is earned
as a first in Kuwait. Maintaining
this certification demonstrates
the Company’s commitment to strong
governance, ethical conduct, and
regulatory compliance.
stc signed a strategic partnership
with Nile Secure Networks
stc reinforced its leading position
in the digital transformation and
infrastructure modernization
through its partnership with an
AI-driven networking company. This
collaboration reduces total cost of
ownership for enterprise clients while
improving performance, network
automation, and security at scale.
The Launch of the 3rd
intake of the ”InspireU”
program
stc launched the 3rd
intake of ”InspireU”,
an entrepreneurial
state-of-the-art
accelerator designed
to support startups and
SMEs in Kuwait.
solutions by stc has enhanced
digital billing and invoice access on
My Business platform, promoting
sustainability through streamlined
processes. Businesses can now directly
download rental reports, all subscriber
bills, and monthly detailed invoices in
a single click, eliminating the need for
paper-based requests and reducing
reliance on email communication with
our billing team. This digital approach
minimizes environmental impact while
providing immediate and easy access to
essential billing information.
solutions by stc has enhanced ”My Business” platform to facilitate
Digital Billing and Invoice Access
stc participates in the fourth
edition of the ”LEAP 2025” tech
conference in Riyadh
stc participated in the ”LEAP 2025”
conference hosted in Riyadh, KSA.
The Company’s attendance at one
of the largest global technology
events aligns with stc’s strategic
objectives behind enabling digital
transformation, forming strategic
partnerships, and gaining access
to the latest insights and trends
in the market.
stc earned the ISO 45001:2018
certification for Occupational
Health and Safety Management
stc earned the ISO 45001:2018
certification demonstrating
its commitment to fostering
a safe and healthy working
environment for its stakeholders.
The certification provides
an internationally recognized
framework for identifying and
managing occupational health
and safety risks, strengthening
stc’s efforts to minimize workplace
hazards and enhance employee
well-being.
January
April
February
stc Kuwait | Annual Report
Year in
Review
Annual Report 2025
14
Overview
Focused on operational excellence and customer
satisfaction, stc pursued strategic initiatives that not only
improved business performance but also advanced the
nation’s broader technological progress. Through continuous
investment in infrastructure, emerging technologies,
and human capital, stc demonstrated its commitment to
sustainable development and long-term value creation.
The year’s accomplishments underscore the company’s
vision of leading the next phase of connectivity and digital
transformation across Kuwait and the region.
stc a Diamond Sponsor of the ”Kuwait
Sustainable Energy Week’
stc participated as a Diamond Sponsor
in the Kuwait Sustainable Energy
Week conference and exhibition
organized by the Ministry of Electricity,
Water, and Renewable Energy
in collaboration with the Regional
Center for Renewable Energy and
Energy Efficiency.
solutions by stc launched centralized
knowledge base on its website
solutions by stc launched a
comprehensive Help Center on
its website, enhancing customer
experience through self-service
digital tools. The platform provides
quick access to information and
support while reducing reliance on
traditional channels and minimizing
environmental impact.
Launches 5G Advanced network
stc launches 5G Advanced network
to deliver an exceptional experience
to its customers. The step comes
in line with stc’s ongoing commitment
to support Kuwait Vision 2035, which
aims to enable digital transformation
and provide an enhanced digital
experience for customers.
Establishing the AI Office
A dedicated AI Office was established
to oversee stc’s enterprise-wide AI
program. Anchored by a robust AI
strategy, the implementation of AI is
expected to create new opportunities
and capabilities across the
organization.
solutions by stc concludes 10×10G
IRU deal with Center3 to strengthen
international capacity
solutions by stc’s wholesale division
signed a 10×10G IRU agreement with
Center3 for stc Kuwait’s IP-Transit
services, reinforcing international
connectivity and supporting sustainable
growth in the wholesale segment.
Long-Term Incentive Program
for employees
stc announced the launch of its Long-
Term Incentive (LTI) Program, aimed at
rewarding top talent as they progress
within the Company. The LTI Program
aligns with stc corporate culture which
focuses on rewarding exceptional
employees for driving business
success, further motivating them to
achieve new milestones.
Launch of AI Unit
stc Launched a dedicated Artificial
Intelligence (AI) Unit under
the Transformation and Synergies
Sector to drive AI adoption, enhance
decision-making, and develop smarter
solutions for customers and employees.
May
June
July
15
stc signs a joint cooperation protocol
with Kuwait Airways to enhance digital
services
stc signed a joint cooperation
protocol agreement with Kuwait
Airways, the national carrier of Kuwait.
The protocol aims to strengthen
the strategic cooperation between
the two parties in the fields
of telecommunications and aviation,
providing integrated and innovative
services that support shared objectives
and enhance the overall customer
experience.
solutions by stc finalizes 2Africa
CLS Agreement to expand global
connectivity
The wholesale division finalized the
landmark 2Africa CLS Agreement, with
service orders processed and technical
implementation underway, marking a
major step in expanding international
capacity and regional connectivity.
Signing of a Strategic Contract with Kuwait University
stc signed a strategic contract with Kuwait University
to develop management, monitoring, and transportation
systems at the new Sabah Al-Salem University City campus.
The aim is to support digital transformation and enhance
the experience of students and faculty members through
integrated smart systems that combine modern technology
with advanced management.
solutions by stc launched My Business’s app version
solutions by stc launched My Business’s app version for
subscribers, a new self-service platform integrated within
mystc KW app. The app enables users to easily access and
manage their subscriptions, usage, and bills, with real-time
notifications for better service control.
stc headquarter relocation
stc relocated its headquarters to a new facility designed to
enhance the work environment, offering improved amenities
and workplace flexibility that support employee well-being,
trust, engagement and productivity. The new headquarters
provides a more inclusive and supportive setting, reinforcing
stc’s commitment to creating a positive employee experience
and enabling a modern, flexible, and high-performing
workplace. This move reflects stc’s continued investment in its
people as a key driver of sustainable performance, operational
performance, and long-term value creation.
September
Partners with Mobile Arts to enable Blacknut cloud
gaming service to its customers in Kuwait
stc announced its strategic partnership with Blacknut, a leading
global provider of cloud gaming solutions. The collaboration aims
to introduce a new cloud-based gaming service for stc customers,
expanding the Company’s portfolio of value-added services (VAS),
especially withen stc’s selection of entertainment solutions.
October
August
Year in
Review
▪ Global Most Valuable Partner Award by
HONOR
▪ Excellence in Quality FWA User
Experience by SAMENA
▪ Ranked 3rd for Best IR Film in Middle
East by Middle East Investor
Relations Association
Awards
Overview
Annual Report 2025
16
Overview
stc Kuwait | Annual Report
The enhancement of the qitaf
loyalty program
stc expanded the qitaf ecosystem
through a growing network of
partners across retail, lifestyle, dining,
entertainment, and digital services,
making qitaf Kuwait’s most valuable and
rewarding loyalty program. Besides fully
upgrading the digital experience, these
enhancements strengthened customer
loyalty, convenience, and everyday
engagement.
Enables stc’s AI Momentum
stc’s AI Week brought employees together to experience,
co-create, and shape how AI will be embedded into
operations and value creation. The program featured expert
keynotes, co-creation workshops, and hands-on labs.
Beyond participation, AI Week strengthened organizational
capabilities, validated real AI use cases, and marked the start of
stc’s sustained AI momentum.
stc is the main sponsor in the Nexus 2025
Kuwait’s Tech & Innovation Summit
Reinforcing its commitment to advancing Kuwait’s digital
ecosystem, stc participated as the main sponsor in the Nexus
2025 Kuwait’s Tech & Innovation Summit. The participation
enabled engagement with startups and industry leaders
through workshops, panel discussions, and technology
showcases, alongside the signing of strategic MoUs to
strengthen digital partnerships. This participation aligned
with stc’s CSR strategy and Kuwait Vision 2035, supporting
innovation, entrepreneurship, and digital transformation.
December
▪ Best Digital Workplace & Employee Experience
– Kuwait 2025 by International Finance
▪ Best Digital Transformation Company - Kuwait
2025 by International Finance
▪ Best Corporate Governance Telecom Company
– Kuwait 2025 by Global Business Outlook
Signed a strategic agreement
with National Technology
Enterprises Company (NTEC)
stc sustained its leading position in
digital transformation through the
strategic agreement with NTEC which
aims at enabling future co-execution
of large government programs
while maintaining legal/financial
independence for both parties.
November
17
Our Journey
2008
▪
Launched commercially
▪
First to abolish incoming calls fees
▪
Became first operator in the world
to have all IP network
2009
▪
Introduced high-speed mobile
broadband in Kuwait
▪
Launched innovative prepaid offerings
and acquired 500K customers in one
year
2010
▪
Expanded retail network and launched
joint promotions with retailers
▪
Won Comms MEA ”Best Telecom Finance
Deal” Award
2011
▪
Became first to introduce Apple iPhone
▪
Launched strategic partnership with
Manchester United
▪
Became first to introduce newest HSPA+
(42.2 Mbps) broadband network
2012
▪
Launched Elite Program for loyal, VIP and
high-value customers
▪
Became profitable during the fourth year
of operations
▪
Began deployment of 4G LTE network
2013
▪
Won ”Best LTE Deployment”
at the ”Telecoms World Awards – Middle
East”
▪
Introduced number portability and
acquired majority of ported numbers
between operators
2014
▪
Launched partnership with Real Madrid
▪
Listed on Kuwait Stock Exchange
▪
Ranked second in terms of revenue and
subscriber market share
2015
▪
Became first to introduce the all-new VoLTE
technology
▪
Expanded network to 70 branches across
Kuwait
▪
Became first to introduce LTE Advanced
Annual Report 2025
stc Kuwait | Annual Report
18
Overview
2016
▪
Won ”Best Telecom Company” by Arabian
Business
▪
Became Member of the International
Telecommunication Union (ITU)
2017
▪
Won ”2017 Speedtest Award” by Ookla
▪
Won ”Best Operator Network” from
Telecom World Middle East
2018
▪
Won ”Best Network Development Award”
at 5G MENA
2020
▪
Ranked first in the MENA region
on the Forbes ”Global 2000” list
▪
Rebranded Qualitynet to solutions
by stc
▪
Established Connect Arabia W.L.L with
Mobility Telecom Kuwait Limited (BVI)/
the main partner
2025
▪
stc Kuwait has been recognized as the Global
Most Valuable Partner for HONOR
▪
stc launches 5G Advanced network to deliver
an exceptional experience to its customers
▪
stc announced the launch of its Long-Term
Incentive Program for employees (LTI)
▪
stc signed a joint cooperation protocol with
Kuwait Airways to enhance digital services.
2024
▪
Upgraded from the Main Market
to the Premier Market on Boursa Kuwait
▪
Signed land agreement to build stc’s new
headquarters
2023
▪
Launched partnership with Samsung
to expand availability of smart solutions
▪
Singed MoU with Huawei on 5.5G
strategic cooperation and digitalization
innovation
▪
Added to a number of the MSCI and FTSE
Global Equity Indexes
2022
▪
Acquired e-Portal Holding Company and
its subsidiaries, the leading ICT services
provider in Kuwait
▪
Increased share capital to KD 99.9 million
through the distribution of 100% bonus
shares
2021
▪
Led consortium with Virgin Mobile
Middle East & Africa that received
a MVNO license from CITRA
2019
▪
Launched new stc brand
▪
Acquired Qualitynet, the leading ISP
provider in Kuwait
▪
Launched 5G services
▪
Signed MoU with Huawei to develop
5G services
stc has rapidly established itself as a leading force in Kuwait’s telecom and ICT sectors,
continuously innovating and raising the bar with industry firsts, strategic partnerships,
and cutting-edge advancements. Through strategic growth and diversification,
stc now plays a pivotal role in empowering Kuwait’s digital future and advancing
the nation’s Vision 2035.
19