Rostelecom expects business growth in 2024 while withholding detailed financial guidance because of macroeconomic uncertainty, CFO Anna Tregubenkova said. Interfax reported on 14 August that the operator in Russia had second-quarter IFRS revenue of RUB 179.3 billion, up 9% year on year. The outlook expressed an expectation, rather than a quantified annual target.
- Second-quarter OIBDA: RUB 72.8 billion, up 15%.
- OIBDA margin: 40.6%, against 38.4% a year earlier.
The preceding quarter
In a report dated 16 May 2024, Interfax recorded first-quarter revenue of RUB 173.8 billion, up 9% year on year. OIBDA increased 4% to RUB 74.4 billion, but the margin declined to 42.8% from 45%. Net profit fell 28% to RUB 12.5 billion. Capital expenditure doubled to RUB 38.4 billion as the company brought investment activity forward into the beginning of the year. Optical internet access had 12.4 million users, up 7%; IPTV had 7.2 million, up 6%. These were first-quarter figures and subscriber measures, distinct from the August report’s second-quarter results.
Fourth-quarter 2023 comparisons
The 26 February 2024 release described an earlier reporting period: fourth-quarter 2023 revenue was RUB 209.3 billion, up 9%, and OIBDA RUB 73.97 billion, up 12%. Its OIBDA margin increased to 35.3% from 34.5%, while net profit fell 52% to RUB 1.9 billion. Fourth-quarter capital expenditure rose 51% to RUB 69.9 billion. At 31 December 2023, total debt including lease liabilities was RUB 624.9 billion, entirely denominated in rubles. The company had already expressed a qualitative expectation of 2024 growth in that February release, while refraining from detailed forecasts because of macroeconomic uncertainty.
An earlier expansion of the service business
Separately, Interfax reported on 3 May 2023 that Rostelecom had bought Lukoil’s remaining 49.9% interest in Inform, consolidating ownership at 100%. The transaction exercised an option following Bashinformsvyaz’s purchase of 50.1% in November 2020; the price was not disclosed. Rostelecom said it intended to develop a digital competence centre for oil and gas customers using Inform as its base. Inform’s 2022 revenue had been RUB 3.99 billion and net profit RUB 529.76 million. This was an acquisition and a service-development plan, rather than evidence quantifying its contribution to the operator’s second-quarter 2024 growth.
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