ECONOMY

OTE Group has a strong Q2

ote-group-has-a-strong-q2

OTE, Greece’s biggest telecoms operator, recorded significant growth in the second quarter compared to the same period last year, when results had suffered due to the pandemic.

Group revenue during the second quarter grew 8% to €827 million, and its Greek operations showed revenue increase nearly 10%.

Roaming revenue, which had slumped in 2020 due to travel restrictions imposed under the pandemic, tripled to €6 million, but is still 40% lower than during the second quarter of 2019.

Revenue in Greece increased for a third quarter, to €758.7 million, while the adjusted profitability, after leasing, rose 7% to €310.4 million.

“The OTE Group recorded a strong second quarter in Greece compared to the corresponding period last year, which was significantly affected by the health crisis. We have been able to boost our performance on all major indicators (KPIs) and revenue streams. Roaming revenues began to recover as tourist arrivals gradually returned. Trends also improved in Romania, where we received conditional approval for the sale of Telekom Romania (Fixed). We have achieved significant strengthening of EBITDA in both Romania and Greece, as well as an increase in cash flows,” the president and CEO of the group, Michael Tsamaz, said in a statement.

In Romania, adjusted profitability after leasing grew 26.4% and OTE is set to acquire Telekom Romania’s 30% stake in Telekom Romania Mobile for €60 million. This acquisition, expected to be finalized in September, was a condition set by the European Commission to approve OTE’s sale of its 54% stake in Telekom Romania to Orange Romania.

At the group level, after-tax profits rose to €241.5 million, from €184.3 million in the same period in 2020, and OTE’s management expects a further rise in profitability despite pandemic concerns.

​​​​​​“The continuous recovery and modernization of the Greek economy, the quality of our technological infrastructure and the know-how of our staff, but also the positive trends recorded since the beginning of the year, strengthen our belief that we will achieve our goals for 2021 as we are ready to face any challenge,” said Tsamaz.