Kazakhtelecom reports Q1 2024 performance

31.05.24 17:57
/KASE, May 31, 2024/ – Kazakhtelecom JSC (Astana), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated May 31, 2024: quote The country's largest telecom operator has disclosed financial statements for the 1st quarter of this year. Despite large-scale capital expenditures in the development and maintenance of its network infrastructure, the continued deployment of the new generation 5G communication standard, tangible investments in social support for its employees, large-scale support and assistance to Kazakhstanis and their employees during floods, Kazakhtelecom Group of Companies managed to achieve revenue growth by 6% in the first quarter of this year and maintain a decent level of marginality. Thus, according to the consolidated financial statements, the revenues of the Group of Companies increased by more than KZT 177 billion, which is KZT 10 billion more than in the same period last year (KZT 167 billion at the end of the 1st quarter of 2023). At the same time, the net profit of the telecom operator amounted to KZT 25.6 billion. The net profit is influenced by the implementation of a capital intensive 5G project with a deferred effect, an increase in capital costs for the construction and modernization of the network, as well as an increase in personnel costs, taking into account the increase in the minimum wage and its annual indexation according to the norms of the collective agreement with trade unions. unquote The complete press release is available on: - https://kase.kz/files/emitters/KZTK/kztk_relizs_310524_4.pdf – in Russian; - https://kase.kz/files/emitters/KZTK/kztk_dividends_310524_en.pdf – in English. [2024-05-31]