Tet Concern Reports Increased Turnover and Profit in 2024, Leadership Transition

Latvian telecommunications company Tet reported significant financial growth in 2024, with both turnover and profit increasing, despite a slight decrease in turnover for Tet itself. The company is also undergoing a leadership transition as Šemeshkevičs has left his position as a council member.

Financial Performance in 2024

According to preliminary data, the Tet group’s turnover in 2024 reached 321.365 million euros, a 10.2% increase compared to the previous year. Profit for the group increased substantially, rising by 63.2% to 18.027 million euros.¹

But, Tet’s individual turnover experienced a slight decline, decreasing by 1% to 185.389 million euros. The company’s profit also decreased, falling by 35.3% to 12.288 million euros.¹

Ownership and Potential Sale

Tet is currently owned by the state entity Possor (51%) and Tilts Communications, a subsidiary of Telia Company (49%).¹

Telia Company has signed a memorandum of understanding with Latvia, JSC Latvenergo, and JSC Latvijas Valsts Radio un Televīzijas Centrs (LVRTC) regarding the sale of all shares of Tet and SIA Latvijas mobilais telefons (LMT).¹

The proposed transaction envisions a scenario where, after acquiring Telia’s shares and attracting a strategic investor, all involved parties – Latvenergo, LVRTC, Possessor, and the strategic investor – would each hold approximately 25% of the capital shares in both companies.¹

Leadership Change

Šemeshkevičs voluntarily left his position as a council member on February 26th.¹

¹ Source: freejobalert.com