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MTS net profit increased by 211% in the first quarter of 2024

На 211% выросла чистая прибыль МТС в I квартале 2024 года

By the end of the first quarter of this year, MTS increased investments in telecom infrastructure and investments in promising fast-growing digital areas by 69%, RBC writes with reference to the company’s message.

Deman/Shutterstock/Fotodom

Deman/Shutterstock/Fotodom

The net profit of the telecommunications company MTS (MTSS) according to IFRS for the first quarter of 2024 increased threefold, to 39.5 billion rubles, compared to last year. Revenue increased by 17.4%, to 161.3 billion rubles, amid growth in income in all business areas. MTS shares at the Moscow Exchange trading as of 19:44 Moscow time rose in price by 4.14%, to RUB 275.65 per share.

In addition, MTS increased capex for the quarter by 69% due to investments in telecom infrastructure, acquisitions of companies and through investments in fast-growing digital areas. Over three months, the group's capital expenditures amounted to 29.4 billion rubles. In January, the company acquired the short-term scooter rental service Yurent, which is the second operator of personal mobility devices in Russia in terms of revenue and fleet size. MTS first invested in the capital of this company in March 2022.

The significant increase in earnings in the first quarter was driven by improved core business results, a gain from discontinued operations resulting from the sale of a business in Armenia, and positive revaluations of securities and currencies.

OIBDA (operating income before depreciation and amortization) for the first quarter of 2024 increased by 4.8%, to RUB 59.1 billion. The growth of the indicator was facilitated by an increase in income from the telecommunications business, the Fintech and Media Holding verticals. Investments in the development of promising areas had a restraining effect on the growth of the indicator.

The MTS subscriber base increased to 81.3 million subscribers in the first quarter. The number of users of the MTS Premium ecosystem subscription increased by almost 50% compared to the same period last year. Digital directions (KION, Zashchitnik, MTS Music, MTS Pay and others) showed double-digit growth. At the same time, the company continued to reduce the number of retail network outlets; during the quarter, their total number decreased by 148 stores, to 4,330.

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