MegaFon, Russia’s second largest telecom operator, has released financial results for the second quarter of 2021. Its revenue increased 7% year-on-year to $1.13 billion (84.1 billion rubles), while the company's net profit tripled, reaching $167 million (12.7 billion rubles).
The revenue growth is an indicator of continued recovery from the negative impact of the pandemic, the company explains. Key growth drivers included revenue from data services, content services, and digital services, with strong demand for analytical services using big data and innovative solutions for remote work.
The three-fold increase in profits was due to “effective cost management, deleveraging and successful hedging of our FX positions,” the operator said in a statement. The company’s net debt decreased by $59 million (4.4 billion rubles) quarter-on-quarter to $4 billion (301.9 billion rubles).
Other key results include the growth of customer base by 2.1%, compared to the second quarter of 2020, to 72 million. The total number of base stations exceeded 199,600 items, with the advanced 4G/LTE segment showing a 17.5% growth year-on-year.