The Serbian incumbent Telekom Srbija could be worth up to €4 billion by 2023, according to Vladimir Lucic, its coordinator for the internet and multimedia.
Speaking in a wide-ranging interview with Blic, he added that its new development strategy and investment policy is paying off, as is evidenced by the company’s results for 2019.
These show it achieved record revenues of RSD133 billion (€1.13 billion), or 7% more than the previous year. EBITDA rose by 24% to RSD48 billion and revenue growth continued in the first quarter of this year.
Lucic said this performance was down to the company’s ‘Million Plus’ strategy. It already has 10.4 million users, of who 2.4 million opt for internet and TV services, which is 664,000 million than in 2018. By the end of this year, it is likely to have up to 3 million internet and TV users.
Lucic added that although Telekom Srbija’s net profit was lower than in previous years, this was largely due to depreciation associated with large investments in optical and mobile networks. It also invested a lot in content and TV channels.
Lucic predicted that record revenues should bring a strong increase in net profit, reaching over €200 million in 2021.
He also spoke of the “multiple benefits” of the company’s recent acquisitions of cable operators, financed through loans, and dismissed claims they had jeopardised its profitability as “malicious”.
