Turk Telekom posts $73.4M net profit in first half of 2024

By Sibel Morrow

ISTANBUL (AA) - Turkish telecommunication giant Turk Telekom on Tuesday reported a net profit of 2.5 billion Turkish lira ($73.4 million), marking a sharp recovery from the same period in 2023, which was affected by earthquakes early in the year.

At a press conference in Istanbul, the telecom giant announced that its consolidated revenues for the first half of the year increased by 5% year-on-year in real terms, totaling 63.2 billion lira.

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed a solid annual growth of 22.2%, amounting to 23.9 billion lira, with the EBITDA margin improving by 530 basis points to 37.8%.

- Steady subscriber growth, fiber expansion

Turk Telekom's total subscriber base reached 52.6 million by the second quarter of 2024. The company’s ongoing efforts to expand its high-speed internet across the country have resulted in a fiber network spanning 449,000 kilometers.

As of mid-2024, the network covered 32.4 million households, up from 32.2 million at the start of the year. CEO Umit Onal highlighted that home internet subscribers increased by 1.8% year-on-year to 15.2 million, while fiber subscriptions rose to 13.2 million, an addition of nearly 1 million over the past year.

The mobile segment also posted strong growth, with total mobile subscribers reaching 26.3 million, including a record 1.9 million new postpaid users in the last 12 months.

- Investment in digital infrastructure

Onal reiterated the company’s commitment to advancing Türkiye’s digital infrastructure, noting that Turk Telekom has invested $20.7 billion in the country’s digital transformation since 2005.

He emphasized the company's leadership in fiber and mobile technology, focusing on the "Fiber Mobility" era, where fiber network advancements enhance mobile service capabilities.

"By extending our fiber strength to mobile, we are becoming pioneers of the 'Fiber Mobility' era," Onal said, noting that the transition to 5G will further showcase these benefits.

- Leadership in fiber and mobile technology

Turk Telekom continues to dominate Türkiye’s fiber infrastructure, overseeing 449,000 kilometers of the country’s total 550,000-kilometer fiber network. Onal stressed the company's mission to connect all regions of Türkiye, from urban centers to remote areas.

Additionally, 52% of Turk Telekom’s LTE base stations are now connected to fiber, reinforcing the company's infrastructure for future 5G developments.

- 5G readiness and technology exports

Looking ahead, Onal stated that Turk Telekom is well-prepared for the shift to 5G technology, supported by its extensive fiber network. He also highlighted the company’s role in exporting technology, with subsidiaries Argela and Netsia holding 71 international patents in 5G and broadband technologies.

"Turk Telekom is not only shaping Türkiye’s digital future but also positioning itself as a leader in regional technology exports," Onal concluded.