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Crnogorski Telekom to invest 20 mln euro in 2024

Jun 7, 2024, 9:27:47 AMArticle by Iskra Pavlova
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June 7 (SeeNews) - Montenegro's Crnogorski Telekom [MNG:TECG], part of Deutsche Telekom group, said it will invest some 24 million euro ($26 million) in developing its network, platforms and improvements to user experience in 2024.

Crnogorski Telekom to invest 20 mln euro in 2024
Photo: Crnogorski Telekom

"We will continue to invest - with 210 locations in the country, over 83% of 5G signal coverage and the highest mobile network speed, we are investing further in the telco's leading position," CEO Stjepan Udovicic said in a statement earlier this week.

Udovicic also said that Crnogorski Telekom recorded growth in revenue and operating profit in the first quarter, compared to the like period of 2023, as well as an increase in the user base, especially in the postpaid segment. He did not disclose any figures.

According to latest available data from the national telecommunications regulator, EKIP, Crnogorski Telekom was the second largest mobile services provider in Montenegro, a country of some 630,000 people, as of end-March after M:tel, part of Telekom Srbija group. Third was One Crna Gora, part of Hungary's 4iG. At the end of March, M:tel held a 38.63% share of the overall number of subscribers, followed by Crnogorski Telekom with 35.64% and One with 25.73%.

In February, EKIP said that the three telecommunications operators plan to invest 68 million euro in networks and services this year, further 55 million euro in 2025 and some 48 million euro in 2026. Last year, the three telcos invested 76.3 million euro combined, up by 10.8% compared to 2022.

Deutsche Telekom's Croatian arm - Hrvatski Telekom, owns 77% of Crnogorski Telekom. The Montenegrin company itself controls 1.5% of its capital, while the remainder belongs to a number of minority shareholders, bourse data showed.

Crnogorski Telekom said earlier that its net profit jumped to 6.6 million euro last year from 2.4 million euro in 2022.

($ = 0.920 euro)

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