Telecom Companies Make A 62.7 Million Dinar Profit In The First Quarter Of 2022

At the conclusion of the first quarter of this year, the three telecom businesses "Zain," "Stc," and "Ooredoo" had net earnings of 62.7 million dinars, up from 54 million dinars in the same time last year, a 16.1 percent rise on an annual basis.

The lion's share of profit growth went to "Ooredoo," whose earnings increased by 757 percent to 8 million dinars between January and March, while "Zain" increased its profits by 6% to 47 million dinars, and "STC" increased its income by roughly 7.7 million dinars.

According to the numbers, the number of clients in "Zain," "Stc," and "Ooredoo" totalled over 7.2 million at the end of March, which is similar to the number in the first quarter of 2021, demonstrating the firms' effectiveness in maintaining consumers' confidence.

The report supports Kuwait's significant contribution to "Zain" and "Ooredoo" profitability and operations, as the local market was one of the biggest contributing markets to profits and revenues in the first quarter, owing to consumers' ongoing high expenditure on telecommunications and Internet services.

Zain, Ooredoo, and Stc all continued to invest in their networks, releasing new services and making new acquisitions to grow their businesses, the most recent of which being STC's acquisition of the Electronic Gateway Holding Company last month, as well as Zain, founding various specialised organisations. Large investments by Ooredooon on several levels throughout its network.

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