An impressive financial performance enables Emtel, a pioneer and leader in the telecommunications industry, to continue its growth momentum. Emtel recorded revenues of Rs 3.76 billion for the financial year ending December 31, 2024, representing a 10% increase compared to Rs 3.42 billion recorded for the corresponding period of the previous year. Several factors contributed to this strong performance, including revenue growth in ongoing operations for the quarter ending December 31, 2024.
Emtel’s EBITDA grew by 16.2%, reaching Rs 1.74 billion, supported by revenue growth and cost optimization. Furthermore, the normalized profit before tax (Underlying Profit before Tax) also saw a 23.5% increase, reaching Rs 599 million, compared to Rs 485 million the previous year.
The year 2024 was marked by continued market adoption of key products and services such as mobile data, high-speed home internet, and business services. The data segment, which includes these offers, contributed to the increase in revenue, with a 12.9% rise in generated income. Revenues from the Fintech division amounted to Rs 22.9 million, while the Space Economy division, launched in August 2023, generated Rs 53 million in revenue. Emtel also continued to optimize its financial structure by successfully refinancing its short-term bridge loans, which helped reduce the average debt cost from 4.92% to 4.37%.
Commenting on the financial results, Kresh Goomany, Chief Executive Officer of Emtel, stated: “The strong financial performance of 2024 reflects the robustness of our business strategy, the determination of our teams, and the trust our customers place in us.”
On the company’s financial outlook, Kresh Goomany added: “The development of business activities in the first quarter is on track, in line with expectations. We also anticipate good performance in 2025, subject to any unforeseen external events. I would like to sincerely thank our investors for their commitment to Emtel’s vision, as well as our board of directors for their support and strategic guidance. Finally, we express our deep gratitude to our employees, whose hard work and commitment have been crucial to our success. Emtel remains firmly committed to creating value for all its stakeholders and consolidating its leadership position in the ICT sector.”
