Silknet’s revenue increased by GEL 59.5 mln to GEL 473 mln (+14% YoY) in 2022.
Accoridng to the research published by TBC Capital, EBITDA was up by 24.8% YoY in 2022, with the EBITDA margin reaching 60%. Revenue from mobile services constituted for 57% of total commercial revenues and grew by 22.6% YoY in 2022.
As of the document, the key driver of the increase in the revenue was a 16% YoY growth in commercial revenue, particularly the improved income from the mobile services segment in 2022. The number of subscribers for mobile services increased by +4.5% YoY by the end of 2022.
Silknet’s commercial revenue breakdown by segments shows that mobile services remain as the largest part of the company’s business. Share of mobile services has increased and amounted to 57% of total commercial revenues in 2022.
The revenue generated from mobile services increased by 22.6% YoY. The following two largest service categories - fixed internet and pay TV also recorded a positive change in revenues having increased by 12.2% and 9.7% YoY, respectively, in the same period.
The downward trend in revenues from Silknet’s fixed telephone service persists and the results show a YoY decrease of 10.6% in 2022. The growing use of mobile phones and their penetration in the market causes the continuous reduction of revenues in this service category.
Market shares have improved in major service categories of mobile services and fixed internet in 2022. Silknet’s Pay TV recorded an insignificant, 0.1 pp fall in market share. The fixed telephone service share declined by 1.2 pp. In terms of detailed segments, Silknet’s
share slightly reduced in terms of mobile internet subscribers at -0.4 pp annually. The highest share increase has been recorded for mobile internet traffic, with +1.6 pp improvement in market share. Silknet also posted a minor increase of its share in terms of outgoing call traffic (minutes) at +0.1 pp YoY.
