Croatia’s Hrvatski Telekom shows resilience in latest results

Croatian telecoms firm Hrvatski Telekom (HT) has released a solid set of results for the first nine months of 2022. Despite tough economic conditions, organic revenue increased by 2.8% to US$715m, driven by continued growth momentum in core fixed and mobile services, both in Croatia and Montenegro.

Konstantinos Nempis

In terms of the TV segment of its business, HT saw its subscriber base rise to 539,000, a 1.3% increase year on year. There was also a slight improvement in ARPU, up 1.5%. Although market conditions remain uncertain, the company confirmed its 2022 outlook, during which it expects stable revenue and earnings.

TV subscriptions at HT’s Montenegro-based subsidiary Crnogorski Telekom also rose to 79,000, up 6.7%. Commenting on further regional expansion, the company said its plans currently remain the same “as we continue to monitor and evaluate potential M&A activities”.

Commenting on the results, Konstantinos Nempis, CEO of Hrvatski Telekom, said: “Despite the challenging environment driven by the inflationary pressures and unprecedented energy prices, Hrvatski Telekom recorded solid business results. In the first nine months of 2022, we strengthened further our customer experience and network leadership and remained committed to our investments, building our fibre and 5G networks across Croatia, supporting the country’s and businesses’ growing need for digitization. Looking ahead, we expect the challenging environment and inflation pressures persisting in the last quarter of the year, and to have an effect on our profitability, with us closing the year at the similar levels to those from 2021.”