Silknet’s revenue was up 14.9% y/y reaching GEL 397.3mn in 9M23. Mobile data and fixed broadband revenues were primary growth drivers, up 27.6% y/y and 18.6% y/y, respectively. This strong growth in revenue, paired with a modest 4.2% y/y rise in operating expenses, led to a record-high EBITDA margin of 64.5% in 9M23 compared to 60.4% in 9M22. For full-year 2023, we expect Silknet’s revenues to reach GEL 530.2mn, marking a 12.1% y/y increase.
Silknet sustained its strong market position, seeing a slight increase in subscriber market share across all key segments and an increased revenue market share within the mobile and Pay-TV segments. In the telecom sector revenue, Silknet accounted for 34.9% of mobile segment revenue, 33.6% of fixed broadband revenue and 37.3% of Pay-TV segment revenue in 9M23.
