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Telekom Srbija reports record-breaking revenue growth and profitability in 2023

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Telekom Srbija achieved remarkable results last year, with revenues reaching 230.7 billion dinars, marking a 41 percent increase compared to 2022, announced Telekom CEO Vladimir Lučić. He further noted that the data for the first quarter of this year also indicate a continuation of the highly positive trend of revenue growth and profitability, with more than a 10 percent increase.

Lučić highlighted that profitability for the past year has surged, with the EBITDA operating profit exceeding one billion euros for the first time within the Telekom Serbia group, marking an 80 percent increase from 2022. Additionally, net profit hit a record high of 49 billion dinars.

“The EBITDA of Telekom Srbija itself stands at 87 billion, with a profit of 34 billion. Moreover, we’ve seen significant growth in mobile telephony users by 195,000 and internet and multimedia users by 158,000. The Telekom Srbija group now boasts 11.4 million users, nearly double the total population of Serbia. Double-digit revenue growth has also continued in the internet segment, with increases of 11 percent and 15 percent,” he stated in an interview with “Blic”.

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Furthermore, Lučić emphasized that the group has achieved the goals outlined in its development strategy, including revenue surpassing two billion euros and operating profit exceeding one billion euros.

Regarding Telekom’s indebtedness, Lučić clarified that the debt is now 2.3 times higher than EBITDA, marking the first time in a long period that this ratio has fallen below three. He added that Telekom is now among the telecommunications operators with the lowest debt according to this criterion.

Lučić also addressed the debt increase, stating that it rose by 20 percent in absolute terms. However, he noted that funds from the sale of poles were deposited into the company’s account on January 31 of this year, which, when taken into account, resulted in practically no increase in debt.

In terms of future developments, Lučić announced ongoing negotiations with the American EXIM Bank, aiming to secure support for Telekom’s future development. He expressed confidence in the exceptional knowledge of Telekom’s experts and workers, highlighting the potential for an extremely high-quality 5G network by the time of EXPO 2027.

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Additionally, Lučić shared that the sale of the Serbian TAG device for toll payments on highways is now available in all mts branches across the country and in the diaspora. He mentioned that the Assembly of Shareholders will decide on the payment of dividends worth 6.7 billion dinars by the end of June, with shareholders expected to receive the funds in December.

Lučić also addressed the recent billing adjustments for Telekom users, clarifying that prices were not increased in March but rather equalized for all users to comply with new regulations, alongside the introduction of a loyalty program. Thus, some users saw subscription increases, while others remained the same or decreased.

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