Rostelecom’s net profit under IFRS in the third quarter increased by 58%
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Net profit of Rostelecom (MOEX: RTKM) according to International Financial Reporting Standards in the third quarter of 2023 increased by 58% compared to the same period in 2022, to RUB 13.6 billion. From January to September, the company’s net profit increased by 29%, to 40.5 billion rubles, follows from release companies.
Rostelecom’s revenue for the last quarter increased by 14%, to 173.9 billion rubles. The Operating Income Before Depreciation and Amortization indicator (OIBDA, operating income before depreciation of fixed assets and intangible assets) increased by 23% and amounted to RUB 74.2 billion. OIBDA margin increased to 42.6%. Free cash flow amounted to RUB 10.6 billion. compared to 32.5 billion in the third quarter of 2022.
Since the beginning of the year, revenue in annual terms has grown by 14%, to 498.5 billion rubles, OIBDA – by 13%, to 209.3 billion rubles. OIBDA margin increased by 42.0% compared to 42.5% for the same period in 2022. Free cash flow increased by 77%, to RUB 84.2 billion. Net debt, including lease liabilities, decreased by 1% to RUB 497.8 billion.
Due to the uncertainty of macroeconomic risks, Rostelecom did not make forecasts for key financial indicators in the form familiar to investors. At the same time, the company expects significant growth by the end of the year.
Earlier, Rostelecom announced that due to a shortage of IT personnel, it intends to automate software development, data analytics and testing using artificial intelligence (AI) based on its own platform within two to three years.
Read more about this in the material “Artificial IT”.
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