Ucom has published the financial results for 2023, approved by external audit.
The revenue generated in 2023 was over 38 billion AMD, which marks a 5.7% increase compared to the previous year. Moreover, there was revenue growth recorded in both fixed internet services (+12.3% increase compared to 2022) and mobile services (+13.5% compared to 2022). The revenue increase was driven by the growth of the subscriber base in both fixed and mobile segments, supported by network expansion in the regions and continuous modernization of mobile and fixed networks, as well as ongoing improvement of convergent services.
The company’s results from operating activities significantly improved, reaching 11.9 billion AMD compared to 1.3 billion AMD in 2022, while net profit was 5.6 billion AMD, compared to 4.3 billion AMD in 2022. This demonstrates effective management of expenses alongside revenue growth.
The company’s total assets increased by 30.5%, reaching 113.1 billion AMD, compared to 86.6 billion AMD in 2022. The growth in assets is evidence of Ucom’s strategic investments aimed at improving technological infrastructure and the continuous expansion of the network.
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The company’s equity amounted to around 16 billion AMD, compared to 10.5 billion AMD the previous year.
“Last year, we began to invest heavily in improving the quality and expanding our network, a step forward towards digital transformation, and now we are seeing the positive outcomes of those decisions. Of course, our main goal being a customer-centric company is to satisfy the needs of our subscribers and provide them with the best services and digital experience. However, we also greatly prioritize the efficient management of the company and compliance with the highest standards,” said General Director of Ucom, Ralph Yirikian.
Ucom continues to comply with international financial reporting standards, ensuring the transparency and reliability of its financial data. It is worth mentioning that all the company reports, including audited ones, can be found in the reports section of the Ucom official website.
UCOM CJSC
