OTE Group reports strong third quarter financial results despite pandemic
Particularly in Greece, adjusted EBITDA was sharply increased (+5.0%) to €342.0million, and the EBITDA margin was 43.3%, up 60 basis points.
OTE Group announced its financial results for the third quarter of 2021 and unveiled that the company recorded a 1.8% jump in consolidated revenues that reached to €861.4million.
OTE Group announced its financial results for the third quarter of 2021 and unveiled that the group recorded a 1.8% jump in consolidated revenues that reached to €861.4million.
In Greece, revenues were up 3.5% to €789.9million, supported by recovery in tourism and steady demand for higher speeds in fixed and data demand in mobile. In Romania, revenues totaled €80.8million in the quarter, down 10.8%, reflecting certain positive one-off base effects recorded in the third quarter of 2020. Excluding these adjustments, Romania revenues would be down about 4%.
Group Adjusted EBITDA rose 3.2% to €352.5million, resulting in a strong margin of 40.9%, on positive performance in Greece. In Greece, Adjusted EBITDA rose sharply (+5.0%) to €342.0million, and the EBITDA margin was 43.3%, up 60 basis points. Romania Mobile operations recorded an Adjusted EBITDA (AL) of €10.5million, down 33.5% from a high comparison base.
Group profit before tax amounted to €281.5million, up €271million from third quarter of 2020, mainly reflecting an impairment of
€160million in Romania Mobile operations in hird quarter of 2020, as well as a €132million reversal of provision in the current
quarter, related to OTE’s pension fund for voluntary leave schemes of past years.
According to the group's press release, the gradual deployment of the EU’s €30.5billion Recovery and Resilience Plan in Greece should support economic growth in coming years.
OTE intends to leverage its expertise to strengthen the digitalization of the country
and provide the technological backbone that will accelerate its future growth. As demand for broader access
to high-speed connection accelerates, OTE will continue to invest in fiber-to-the-home in coming years. These
investments should support OTE’s sustainable growth in the medium and longer term.