Telekom Srbija reported a profit of 10 billion dinars in 2024, which is two-thirds less than the 34.15 billion dinars profit recorded in 2023. Operating revenues increased from 124.7 billion dinars in 2023 to 155.3 billion dinars in 2024, while financial income rose from 2 billion to 7.9 billion dinars. However, financial expenses nearly doubled to 32.7 billion dinars, with interest costs rising from 15.36 billion to 25.14 billion dinars.
The company increased recapitalization of subsidiaries, spending over 32 billion dinars, primarily 30.4 billion dinars to Arena Channels Group. Capital increases also affected other subsidiaries, including MTEL Global, Mtel Skopje, and TS Ventures.
Telekom’s total loans amounted to 246 billion dinars at the end of 2024, including 44 billion in domestic and 184 billion in foreign long-term loans. Interest expenses related to loans, leasing, and bonds reached 24.49 billion dinars, up from 15.3 billion in 2023. The company also issued $900 million in Eurobonds in October 2024 with a final interest rate of approximately 5.9% per year in euros.
Employee numbers grew from 8,367 to 8,689, with increased spending on advertising (up by 1 billion dinars) and donations (rising from 277 million to 758 million dinars). Interest-free housing loans to management stood at 31.65 million dinars.
Telekom maintains significant leasing transactions with state-owned JP PTT, with liabilities reduced from 2.8 billion dinars in 2023 to about 706 million dinars in 2024.
In February 2025, Telekom agreed to acquire 100% of EON TV International Ltd, including its direct-to-home operations and certain rights related to Sport Klub channels for the Western Balkans, from United Group BV.
