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OTE: Strong profitability, higher dividend

OTE said its turnover rose 0.4% to 3.469 billion euros in 2023, while adjusted EBITDA stood at 1.342 billion euros

Profits distributed to the company’s shareholders jumped to 531.7 million euros, registering a strong increase of 36.8%, while adjusted investments in assets amounted to 621.4 million euros.

The group recorded strong performances in the fourth quarter as well, due to the positive performances in both Greece and Romania. Specifically in the fourth quarter, OTE Group’s consolidated revenues increased by 5.1% to 930.2 million euros. In Greece, revenues increased by 5.0% to 854.8 million euros thanks to strong performance in mobile, broadband services, television services and ICT projects.

In Romania, revenues increased by 6.2% to 77.5 million euros, mainly supported by the positive contribution of ICT projects in the quarter.

Commenting on the results, Chairman & CEO, Michael Tsamaz, stated: “We ended 2023 with a quarter of solid operating and financial performances, rewarding the determination and consistency with which we have met new competitive challenges throughout the year.

In the fourth quarter, positive trends were evident, as revenues from fixed operations returned to growth following steady improvements throughout the year, mobile revenues rose again, highlighting the resilience of our mobile network, and Greece revenues overall were up 5%.

In line with our winning strategy, we consistently expand and upgrade our state-of-the-art fixed and mobile networks, securing our growth and profitability for the coming years.

We are ready to attract and satisfy growing demand for data communications with the country’s most robust fiber and 5G infrastructure.

Confident that OTE will maintain its lead and that we will continue strengthening our performance, we are proposing to raise our total shareholder remuneration to 450 million euros or approximately 95% of free cash flow in 2024, and to raise our dividend by 23%.”