Turk Telekom FY21 turnover climbs 21%; net profit up 81%

18 Feb 2022

Turk Telekom’s consolidated revenues increased to TRY34.3 billion (USD2.5 billion) in full-year 2021, up by 21.2%, while excluding IFRIC 12 accounting impact revenue growth was 19.5%, ahead of the guidance of 18%. FY21 EBITDA grew by 24.0% to TRY16.4 billion, slightly above guidance of TRY16.2 billion, and giving an EBITDA margin of 47.9%. Annual operating profit increased by 29.9% to TRY10.2 billion, and net profit reached TRY5.8 billion, up by 81.3% compared to 2020. The impact of recent unfavourable FX movements on the bottom line was partly offset by a deferred tax gain recorded in the fourth quarter of 2021. CAPEX reached TRY8.8 billion in FY21, slightly above the TRY8.7 billion guidance.

Turk Telekom’s mobile subscription base reached 24.03 million at end-2021 (up from 23.19 million at end-2020, and following 171,000 net additions in 4Q21), including 15.61 million post-paid (14.82 million at end-2020), ‘amid normalisation after a very strong Q3 2021 performance on increased mobility and a robust tourism season’. The share of LTE subscribers in the mobile base increased to 67% in 4Q21 from 61% in 4Q20. Retail fixed broadband subscriptions rose to 10.75 million at 31 December 2021 (from 10.25 million at end-2020), including 2.82 million direct fibre subscriptions (up from 2.28 million a year before).

Turkey, TT Mobil (Turk Telekom), Turk Telekom