Romania's telco Digi doubles its profit in H1 as more customers added

The Romanian telecommunications group Digi Communications (BVB: DIGI) announced its consolidated revenues increased 13% y/y to EUR 921 million, while its net profit doubled y/y to EUR 54.3 million in H1.

The company's market capitalization reached EUR 1.24 billion after the price of its shares rose by 77% y/y.

This puts the annualized profit realized in H1 at 8.8%. Out of last year's profit, the company paid a dividend consistent with a yield of 1.91%

In Q2, the company's turnover rose by 13.4% y/y to EUR 474.7 million, while its profit surged by 80% y/y to EUR 28.8 million. Adjusted EBITDA increased by 16.5% y/y to EUR 170.2 million.

"The first half of the year marked a significant moment, as we crossed the 25 million customer mark, driven by an impressive 23.2% year-on-year growth in the mobile telecommunications segment on the Spanish market and 50, 6% on the fixed internet segment," commented Digi Communications CEO Serghei Bulgac.

Digi's local subsidiaries in Portugal and Belgium are preparing to launch commercial services in these two markets in 2024.

The total number of revenue-generating units (RGUs) on the Romanian market reached 17.561 million customers at the end of Q2 2024, an increase of 8% compared to the same period in 2023.

Operations in Spain continued the positive evolution in Q2 2024, with the number of service users landlines, internet, and mobile telephony increasing by 30.1% compared to Q2 2023, up to 7.517mn RGU.

In Italy, the number of mobile users increased by 16.6% compared to Q2 2024, reaching 456,000 RGUs at the end of Q2 2024.

(Photo: the company)