Silknet’s revenue was up 9.5% y/y to GEL 280.7mn in 1H24, fully driven by organic growth. Over half of the revenue growth was fueled by the mobile data, driven by both an expanding subscriber base and increased data traffic, while fixed broadband also contributed. Profitability improved in 1H24, with EBITDA rising 10.2% y/y to GEL 180.9mn, and the EBITDA margin increasing by 0.4ppts to 64.4%.
Silknet maintained a solid liquidity position in 1H24, with GEL 186.7mn (US$ 66.4mn) in cash, primarily held in foreign currency for hedging against FX-denominated debt. While operational FX risk is fully hedged through 2025, the company remains sensitive to currency fluctuations at the net income level, with c. $135-140mn open position remaining unhedged.
