14.Jan .2021 13:00

How much net profit does MagtiCom have?

How much net profit does MagtiCom have?
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MagtiCom, the leading mobile operator in Georgia published a consolidated financial statement. The document reveals that the total revenue of the mobile operator is grown by 3% reaching 417.3 million GEL. The company’s net profit is grown far more. Net profit increased by 47% and amounted to 171.3 million GEL.

According to the financial report, MagtiCom received the largest revenue from fixed internet in 2019, the increase amounted to 37 million GEL.

MagtiCom's revenues are distributed as follows:

Mobile communication - 231 million GEL, an increase of 3%;
Fixed broadband services - 174.3 million GEL, an increase of 27%;
Revenue from interconnection services - GEL 23.8 million, decrease by 50%;
Revenue from satellite TV - 12.6 million GEL, a decrease of 21%;
Revenue from roaming services - 11.2 million GEL, a decrease of 28%;

MagtiCom spent 46.9 million GEL on the employees' salaries in 2019, the company's infrastructure depreciation costs were 108 million GEL, expenditures on the sales were 30.9 million GEL, and financial costs were 49.7 million GEL.

As of October 2020, Magti Internet Network has 458 thousand subscribers and holds 47.5% market share. The number of the company's subscribers in the mobile network is 1.96 million, which is 40.4% of the mobile market.

As of 2019, the value of the company's assets is 941.6 million GEL.