Turkcell Reports Strong and Sustainable Growth in Q3
Turkcell (TCELL) has announced its financial results for the third quarter of 2024. Emphasizing the continuation of Turkcell's strong and sustainable growth, CEO Dr. Ali Taha Koç stated, “Group revenues increased by 6.9% year-on-year, reaching 40.2 billion TL. Our net profit stood at 14.3 billion TL, supported by strong operational profit and the sale of assets in Ukraine. Our techfin focus area, which includes our Financell and Paycell brands, also contributed to our group growth in the third quarter.”
In the third quarter of 2024, Turkcell reported that group revenues rose by 6.9% year-on-year, totaling 40.2 billion TL. The EBITDA margin increased by 1.4 percentage points to 44.2%, and Turkcell gained 515,000 postpaid subscribers in the third quarter. Over the last 12 months, the number of postpaid subscribers increased by 1.9 million, with the postpaid subscriber ratio reaching 74%, a 4 percentage point year-on-year increase.
Despite a highly competitive environment, Turkcell achieved strong operational results. CEO Dr. Ali Taha Koç stated: “As Turkcell Group, on our 30th anniversary, we are committed to creating continuous value for our stakeholders with our strong foundations and innovative vision. In this context, we successfully sold our assets in Ukraine on September 9, 2024, despite the ongoing war in the country, marking a significant step aligned with our strategic objectives. The profit from this sale, which is crucial for funding our investments in 5G, data centers, and sustainability in Turkey, reflected in our third quarter financials. Our net profit reached 14.3 billion TL, including 3.1 billion TL from our strong operations. Additionally, Turkcell's total subscriber base in Turkey increased by 322,000 to reach 43.5 million, while our postpaid subscriber count rose by 1.9 million over the last 12 months.”
The total number of subscribers for end-to-end fiber services has now exceeded 2.4 million. Dr. Ali Taha Koç provided the following information: “In line with our customer-focused approach, we introduced our ‘30th Year 1000 Mbps Speed Campaign’ to our fixed customers in September. Thanks to the strong demand for our high-speed end-to-end fiber services, we gained a net of 47,000 subscribers in the fixed broadband segment, surpassing 2.4 million in total subscribers. The share of customers using plans with speeds of 100 Mbps or above in our fiber packages increased by 10 percentage points to 38%.”
“Techfin is making significant contributions to our financial performance.” Dr. Ali Taha Koç also commented on Turkcell's third quarter performance: “Our techfin focus area, which includes our Financell and Paycell brands, provided strong contributions to our group growth in the third quarter. Financell recorded revenues of 1.1 billion TL, growing by 38.1% year-on-year. Meanwhile, Paycell’s revenues reached 970 million TL, growing by 19.6% due to high demand for our POS solutions and the expanding volume of Paycell Card. Our POS solutions, which have been in high demand since their launch, maintained strong performance with a transaction volume increase of 86%. Our TV+ platform, which has steadily increased its market share since its establishment, rose to become the second largest player in the IPTV market according to the latest BTK data.”
“We represent Turkey and Turkcell globally.” Highlighting that Turkcell shares its 30 years of experience and vision on a global scale, Koç remarked, “As a member of the GSMA board, I take pride in representing not just the Turkcell brand but also Turkey. We will continue to contribute to the mobile communication sector and the digital world under the GSMA umbrella.”
Energy investments continue. Dr. Ali Taha Koç also addressed Turkcell’s sustainability and data initiatives: “In line with our sustainability master plan, we continue our investments in renewable energy. Our goal is to leave a more livable world for our children. In this context, we completed the installation of the first phase of our solar energy investments, with a capacity of 54 MW, and activated 6.4 MW of installed capacity in the third quarter. Additionally, the revenues of our four new generation data centers, which have a total IT capacity of 55 MW, and our cloud services offering value-added services, grew by 43% this quarter, reaching 639 million TL. We are determined to increase our data center capacity, which will remain a strategic priority in the coming years. I would like to thank all our employees for their valuable contributions and our Board of Directors for their trust and support.”