Silknet’s revenue was up 9.1% y/y to GEL 433.3mn in 9M24, mainly driven by organic growth. Over half of the revenue growth was fueled by the mobile data, driven by expansion in subscriber base and increased consumption, while fixed broadband also contributed. Profitability improved in 9M24, with EBITDA rising 9.3% y/y to GEL 280.0mn, and the EBITDA margin increasing by 0.1ppts to 64.6%.
Silknet maintained a solid liquidity position in 9M24, with GEL 231.9mn (US$ 85.6mn) in cash, almost fully held in foreign currency for hedging against FX-denominated debt. While operational FX risk is fully hedged until the end of 2025, the company remains sensitive to currency fluctuations at the net income level, due to the US$ 200mn Eurobond outstanding as of 9M24.
