Telekom Srbija eyes 2 bln euro in revenue in 2024 - report

In an interview with local Happy TV on Tuesday, Lucic dismissed reports that the company plans to offer shares for sale.

The government in Serbia controls 58.11% of Telekom Srbija, the company itself has a 20% stake, current and former employees own a combined stake of 6.94%, while the remaining 14.95% belong to individual shareholders.

Telekom Srbija has not yet published its 2023 financial figures. Its consolidated operating revenue rose 8.3% to 163.5 trillion dinars ($1.5 billion/1.4 billion euro) in 2022, while its consolidated net profit was 3.5 billion dinars, down 48% compared to 2021.

In addition to Serbia, the company also has operations in Bosnia and Herzegovina, North Macedonia and Montenegro.

Local media has reported earlier that Telekom Srbija began offering its services in Germany in July 2023, as part of an expansion plan that includes Turkey and the U.S.. In December, it already established a subsidiary in Turkey - MTEL Turkey, to offer TV services to the Serbian diaspora in the country.

In January, news agencies in neighbouring North Macedonia reported that telecommunications operator Mtel, part of Telekom Srbija, has been in negotiations to acquire local peer Neotel. Last year, the Serbian company announced plans to invest 50 million euro in its expansion in North Macedonia in 2023 and 2024.

(1 euro = 117.158 dinars)