Successful Growth and Financial Results of Tet Group in the First Half of 2023

In the first half of 2023, the turnover of the Tet group reached 148.1 million euros, the consolidated unaudited data shows. This is 10% more than in the same period last year. The biggest growth is observed in data center services, continuing to strengthen the company’s export volume.

“Despite the geopolitical and overall economic situation, the latest financial data shows that we have been able to successfully adapt to further develop and diversify our business. By systematically improving our IT and data center services, we have managed to significantly increase turnover in this area, which also confirms that there is a demand for modern solutions that improve the efficiency of companies both in Latvia and in the export markets. We are pleased that in the situation of rapidly growing costs, we have also managed to improve the efficiency of our own operation, which allows us to provide a competitive price for services while maintaining high quality at the same time,” says Uldis Tatarčuks, chairman of the Tet board, about the financial results.

Despite the difficult geopolitical conditions, Tet Group continues to grow in export markets as well, reaching EUR 27.39 million in the first half of this year. Compared to the first half of last year, this is an increase of 3.5%. The Tet group closed the year 2022 with a turnover of 60 million euros in exports, which was 18% of the total turnover of the group.

The indicators of the first half of this year show that the Tet group successfully manages to attract new customers, which confirms the quality of the services offered by the company. In addition to data center services, the turnover in the information technology business has increased by 18%, while the Tet+ television service platform has managed to achieve a 12% increase in the number of customers.

Tet Group’s EBITDA increased by 2%, reaching 26.3 million euros. Despite various complications under the influence of external conditions, as well as the drop in turnover of certain business lines, it has been possible to achieve a better financial result than in the first half of 2022.

2023-07-31 11:46:17
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