14.Oct .2021 20:00

Silknet’s Revenue Has Increased

Silknet’s Revenue Has Increased
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Silknet has published its financial report for the 6 months of 2021. According to the document, in the first half of this year, the company's revenue increased by 7% to 197.8 million GEL. The company's net profit also improved, amounting to GEL 17.8 million in the first half of the year.
Silknet operates in the Georgian telecommunications market in four main directions:
1. Mobile communication - 1.7 million subscribers with 34% share of the subscriber market as of June 30, 2021;
2. Fixed Internet - 291 thousand subscribers with 30% share of the subscriber market as of June 30, 2021;
3. Pay TV - 225 thousand subscribers (excluding Internet TV subscribers) with 33% subscriber market share as of June 30, 2021;
4. Fixed telephone - 204 thousand subscribers with 57% share of the subscriber market as of June 30, 2021.
According to the directions, Silknet income is distributed as follows:
  • Mobile communication - GEL 93 million, an increase of 7% over the previous year, including mobile outgoing calls - GEL 49.8 million, an increase of 0% over the previous year; Mobile Internet - 36.6 million, an increase of 20% over the previous year;
  • Fixed Internet - 50.2 million, an increase of 1% over the previous year;
  • TV Pay TV - 23.4 million GEL, an increase of 5% over the previous year;
  • Fixed Telephone - 7.3 million GEL, a decrease of 15% over the previous year;

Revenue from operators and other services - GEL 20.3 million, an increase of 25% over the previous year.

As of June 30, 2021, Silknet's assets amounted to GEL 838.7 million, while the company's total liabilities amounted to GEL 880 million. Among them, the main liability is the $ 200 million Eurobonds that the company listed on the stock exchange in April 2019.

According to the financial report, the ultimate parent company of the company is Silk Road Group Holding (Malta) Limited, headed by Giorgi Ramishvili, a businessman on Silknet's supervisory board.