Telnet Holding Reports Net Profit of 4,289 Mtnd for First Half of 2024
Telnet Holding has announced a net profit of 4,289 Mtnd for the first half of 2024, representing a 0.2% increase compared to June 2023.
Revenue and Operating Expenses
Revenue stood at 34,168 Mtnd, down from 34,649 Mtnd in the previous year. Despite a 23.2% increase in personnel expenses to 22,776 Mtnd, the company was able to control the overall growth of its operating expenses, which rose by 9.6% year-over-year to 28,516 Mtnd. EBIT improved by 27.7% to 6,301 Mtnd.
Financial Charges and Losses
Financial charges totaled 0,441 Mtnd, while ordinary losses amounted to 0,796 Mtnd. The share of equity-accounted investments increased from 0,188 Mtnd in 2023 to 0,452 Mtnd this year. The participation in ATC contributed 0,228 Mtnd, while the participation in Titan France contributed 0,223 Mtnd.
Hot Topics: Customs Control and Tax Audit
Regarding the hot topics, particularly the consequences of the customs control, Telnet has submitted a reconciliation request. As a reminder, a provision of 10 Mtnd was set aside. This amount is higher than the amount subject to reconciliation, which stands at 7,399 Mtnd. However, Telnet has not made any adjustments to its interim financial statements, pending the closure of the case.
As for the tax audit, the company has taken advantage of the amnesty provided by the 2024 Finance Act and has committed to paying the principal amount (0,652 Mtnd) over a 4-year period. This will significantly alleviate the pressure on the company's treasury.
Positive Signs for Shareholders
Overall, there are positive signs for Telnet Holding's shareholders, who have suffered from a series of bad news in recent months. The stock has lost 19.87% of its value since the beginning of the year, but these figures could give the stock a boost starting today.
