MOSCOW, March 5. /TASS/. Revenue of mobile operator MTS under the International Financial Reporting Standards (IFRS) for 2024 increased by 16.1% and amounted to 703.7 bln rubles ($7.87 bln), the operator said in its financial statements.

The company's net profit for the reporting period decreased by 10.1%, amounting to 49 bln rubles ($548.11 mln). MTS capital expenditures increased by more than 30% and reached 132.4 bln rubles ($1.48 bln).

Meanwhile, the consolidated revenue of the mobile operator MTS under the IFRS for the Q4 2024 increased by 13.8%, reaching 191.2 bln rubles ($2.13 bln).

The revenue growth was due to the high growth of basic telecom services, growth in sales in the retail business and the retail loan portfolio, as well as the development of the advertising business. In turn, the company's net profit decreased by 91.3% and amounted to 1.4 bln rubles ($15.62 mln) due to interest expenses and revaluation of financial instruments.

MTS operating profit for the fourth quarter increased by 2.8%, amounting to 31.6 bln rubles ($354.82 mln). Capital expenditures decreased by 8.6% to 38.2 bln rubles ($426.23 mln), against the background of balanced investments in the development of telecom infrastructure.

The operator's subscriber base increased by 1.3 mln to 82.4 mln subscribers.

According to MTS CEO and Chairman of the Management Board Inessa Galaktionova, who was quoted in the company's statement, in 2025 MTS plans to focus on increasing operational efficiency, launching breakthrough technologies in all business areas, and improving the quality of service.

MTS is a Russian company providing telecommunications, digital, and media services in Russia and Belarus. Sistema is the company's largest shareholder.