“Tet” group’s turnover increased by 29% last year

The technology company SIA “Tet” group worked with a turnover of 326.7 million euros last year, which is 29% more than in 2021, according to the group’s consolidated unaudited data, the company told LETA agency.

The group’s EBITDA, or profit from the company’s core operations before interest, taxes, depreciation and amortization deductions, in 2022 was 63.8 million euros.

Despite the challenges in the company’s leading export market – Ukraine, the group’s export turnover also increased by 15%, reaching 59.6 million euros.

The company’s investments in 2022 have reached 37.5 million euros, focusing on the development of a fast and stable Internet network, information technology (IT) services and data centers, as well as the improvement and expansion of other existing services.

On the other hand, the company paid 47.5 million euros in taxes during the year.

Uldis Tatarčuks, chairman of the board of “Tet”, states that the purchase transaction of “Telia Latvija” concluded last year will allow further strengthening of positions in various services in Latvia and will create greater potential for service export in the future. Growth is also observed in IT security services, advertising business, expansion of optical Internet access and television services.

According to the company, in order to maintain technological competitiveness, improvements were made last year in the core data transmission network, network information systems, WiFi end devices, and future solutions for high-power data transmission in the “wireless optics” solution and other areas are being studied. Research has also been started in quantum technology solutions, which will allow maintaining competitiveness in the long term.

Also, investment was made last year in the technical improvement of the range of “Tet” television services and the creation of local content – both by participating in the creation of Latvian films, creating series for adults and children, and offering reality shows. This has contributed to the development of the interactive platform “Tet TV” and the entertainment platform “Tet TV+”, increasing the number of customers of “Tet TV+” by 26%.

Having stopped rebroadcasting Russian TV channels, last year “Tet” expanded the range of content with new international TV channels and content produced in Ukraine.

Last year, “Tet” started selling solar panels, and in cooperation with the Riga City Council, started the creation of a smart city pilot project in Ķīpsala. It explores various power, mobility and sensor systems, as well as installing cameras with built-in artificial intelligence and testing wireless data transmission options to support the operation of these technologies. As the first results show, smart lights help to save up to 77% of the electricity consumed for street lighting.

Last year, “Tet” implemented social initiatives for the digital security of society for the purpose of public education. Recommendations and materials are available on the website “www.digitaladrosiba.lv”.

It has already been announced that the “Tet” concern worked with a turnover of 253.253 million euros in 2021, which is 13.7% more than the year before, but the profit of the concern decreased by 5.1% – to 28.852 million euros. At the same time, the turnover of “Tet” itself in 2021 was 200.618 million euros, which is 12.5% ​​more than in 2020, but the company’s profit decreased by 11% and was 26.778 million euros.

“Tet” is owned by the state SIA “Publisko aktivat gemanatājs “Possessor”” (51%) and by “Tilts Communications”, a subsidiary of the telecommunications company “Telia Company” (49%).

The “Tet” group includes the companies “Tet”, “Citrus Solutions”, “Data Experts”, “Helio Media” and “Baltic Computer Academy”.

“Tet” owns 23% of SIA “Latvijas mobilais telefons”.

Author: LETA