Rostelecom’s Q3 revenues climb 13%

11 Nov 2020

Russian telecoms giant Rostelecom reported that its consolidated revenues – including mobile subsidiary Tele2 Russia – grew by 13% year-on-year in the third quarter of 2020 to RUB135.0 billion (USD1.8 billion), as mobile service revenues climbed 14% and ‘digital services’ sales jumped by 62%. Operating income before depreciation and amortisation (OIBDA) increased by 17% y-o-y to RUB53.7 billion in the three months to 30 September 2020 and net profit for the period improved by 31% to RUB12.0 billion. CAPEX excluding state programmes stood at RUB24.3 billion in 3Q20, compared to RUB18.8 billion in the corresponding quarter of 2019.

Rostelecom’s president Mikhail Oseevskiy said: ‘Growth across the group remained on track … Our key strategic business segments – mobile and digital services – continue to be successful as we remain focused on delivering Rostelecom’s digital transformation strategy, which sets out our ambition to be the largest integrated digital company in Russia. Our ambitious digital economy projects, spanning a large variety of promising sectors, reinforce this solid growth trajectory. We continue to develop smart digital solutions for business, government, and private users, and we will soon announce a refreshed strategy which will slightly recalibrate our focus.’

Russia, Rostelecom