Abdullah Al-Omar, Chairman of the Board of AAN Digital Services Holding Company, announced the company’s first operating profit in over 16 years — a strategic milestone that reflects the success of the reform and transformation efforts led by the board and executive management, with strong support from shareholders.

Al-Omar stated that the year 2024 marked a pivotal turning point in the company’s history, overcoming long-standing challenges, including heavy debt, and underperforming investments. He praised the critical role of the team in making a significant improvement in both financial and operational performance.

The company recorded operating revenues of KD 10.39 million in 2024, a 16% increase compared to KD 8.93 million in 2023. Gross profit rose by 14.4%, and net profit reached KD 448,626, equivalent to 2.78 Fils per share, compared to a loss of KD 1.57 million the previous year.

Improved Financial Position

Al-Omar also reported that the company’s total assets rose to KD 8.69 million in 2024, an increase of 1.8% compared to KD 8.54 million in 2023. Meanwhile, liabilities dropped to KD 7.78 million, down 3.6% from KD 8.03 million in 2023 — reflecting a noticeable improvement in financial solvency and overall stability.

Expansion of Operations

He highlighted that N Digital’s subsidiaries continued their leading role as authorized operators for major telecom companies in the region, including:

•    Qanawat Systems in Saudi Arabia (operator for Mobily)
•    Qanawat Connect in the UAE (operator for Etisalat)
•    Qanawat Telecom in Kuwait (operator for Ooredoo)
This diverse operational activity has contributed to enhanced performance and income diversification for the group.

Preparing for Re-Listing on Boursa Kuwait

As part of its preparations for re-listing on Boursa Kuwait, Al-Omar noted that the company is implementing a comprehensive capital restructuring plan, including:

Reducing capital from KD 16,254,461 to KD 2,427,630 to write off accumulated losses of KD 13,826,831, based on financial data for the fiscal year ending December 31, 2024.

Increasing capital from KD 2,443,151 to KD 4,000,000 in 2026 by issuing 15,568,490 shares, reflecting a capital increase of KD 1,556,849, based on financials ending December 31, 2025.

These measures will be presented to shareholders at an upcoming Extraordinary General Assembly for approval, alongside fulfilling all related regulatory requirements.