Silknet Incomes in 2019 Rose by 12% to 387 million GEL
Silknet, one of the biggest players on Georgia’s communication market, has published the 2019 consolidated auditor report. Under the document, the company’s consolidated incomes in 2019 amounted to 387.2 million GEL, up 12.44% compared to 2018.
The following factors have preconditioned growth:
• Silknet bought Geocell in the first quarter of 2018. Consequently, the indicator before the deal was not reflected in the 2018 report.
• Incomes from landline internet, PayTV, and mobile internet have increased.
As for expenditures, the company’s key operational and wear-out costs amounted to 111 million GEL. Payroll costs totaled 58.1 million GEL. As for financial expenditures, the figure amounted to 104 million GEL. Furthermore, the company losses from currency exchange difference constituted 34 million GEL.
According to the report, the company’s total losses in 2019 made up 46 million GEL.
Silknet’s major investment over the past 2 years was made in Geocell. The deal was worth 151 million USD.
“Despite high competition on the telecommunication market, the Group’s commercial incomes rose by 20% year on year.
On April 2, 2019, the company successfully finished the issuance of 200 million USD unsecured bonds at the Euronext Dublin Exchange. Net incomes from the issuance constituted 529,489,000 GEL. The Eurobonds maturity is 5 years.
The company’s total assets at the end of 2019 amounted to 837,386,000 GEL.