H1 Sales Down 1% Y/Y at Telekom Slovenia, Net Profit Up 44%

By , 29 Jul 2021, 14:26 PM Business

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STA, 29 July 2021 - The group Telekom Slovenije generated EUR 317.6 million in sales revenue in the first half of the year, down 1% from the same period in 2020. Net profit was up by 44% to EUR 21.3 million, Telekom said on Thursday.

"The Covid-19 pandemic had an impact on revenue in 2021, through lower revenues from our users roaming in foreign operators' networks, and foreign users roaming in our mobile networks, along with lower revenue from IT licenses," the group said in a press release published on the web site of the Ljubljana Stock Exchange.

The unaudited business results were endorsed by the supervisors on Wednesday.

From January to June, earnings before interest, taxes (EBIT) amounted to EUR 29.3 million, which is the same as in the same period last year. Taking into account one-off events from 2020, EBIT in 2021 would have been 26% higher, compared to the same period last year, the group said.

The group's earnings before interest, taxes, depreciation and amortisation (EBITDA) was up by 1% to EUR 113.7 million. Taking into account one-off events from 2020, it would have been 6% higher year on year.

The group's net profit would have been 22% higher than in the first six months of 2020.

The core company Telekom Slovenije generated 3% lower sales revenue than in the same period last year, at EUR 287.3 million.

EBITDA dropped by 2% to EUR 94 million and EBIT was down 16% to EUR 23.7 million. Net profit was up 87% to EUR 28.5 million.

"Regardless of the challenges related to the Covid-19 pandemic, Telekom Slovenije Group remains financially stable and continues to adapt its activities to the changing market conditions, while carefully monitoring and assessing the risks in supply chain, credit risk, system operations and the profitability of individual services," Telekom wrote.

At the end of the year, the group expects to post EUR 653 million in revenue, EUR 210.6 million in EBITDA and EUR 30.8 million in net profit. It plans to allocate EUR 203.7 million for investment.

The supervisors gave the green light yesterday to the appointment of Rajko Gerič as the CEO of the company TSmedia for a four-year term staring on 1 August, and the appointment of Sandra Peršak as the CEO of the company TSinpo, also starting her four-year term next month.

The appointment of Mitja Štular as the head of the company GVO as of 1 August was also confirmed. Štular, a member of the Telekom Slovenije management board, will lead GVO until a new CEO is appointed, expectedly until 1 September, when Zef Vučaj is to be appointed.

The supervisors also cleared the appointment of Simon Furlan as the head of the companies Siol Beograd, Siol Podgorica, Siol Sarajevo, Siol Dooel Skopje, Siol Zagreb and Siol Prishtina.

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