Magyar Telekom boasts 9% sales growth in Q3

Hungarian telco Magyar Telekom’s group revenue grew by 9.0% year-on-year in Q3 2022 to HUF190.9 billion (USD477 million), reflecting continued strong demand for mobile data, high bandwidth fixed broadband packages and mobile equipment in Hungary and at North Macedonian division Makedonski Telekom. Gross profit improved in line with the revenue trend, growing by 8.5% y-o-y to HUF110.3 billion in July-September 2022, while EBITDA after leases (EBITDA AL) declined by 2.8% to HUF58.6 billion as supplementary telecommunication tax and higher energy costs (particularly in North Macedonia) offset the improvement in gross profit. Quarterly net income was lower by 4.5% y-o-y at HUF17.1 billion, primarily driven by the lower EBITDA. CAPEX (after leases, excluding spectrum licences) rose 8.0% to HUF30.4 billion in Q3 and by 16.2% to HUF83.0 billion in 9M22, driven mainly by strong progress in fixed and mobile network development in both countries of operation.