Telia earned €82 million in operating profit last year

Telecommunications company Telia saw its 2024 revenues in Estonia dip slightly to €359.7 million, with operating profit down 5.5 percent on year.
The company invested €50 million in network expansion over that time, and gained new customers while also hiking prices to those customers.
Telia Eesti revenue fell by 0.4 percent in 2024, reaching €359.7 million as noted.
The company's operating profit, or profit before taxes, stood at €82.2 million, which is also down, by 5.5 percent, on the previous year.
Telia has not yet disclosed last year's net profits.
The company's communications manager, Raigo Neudorf, explained that this is because the results are unaudited up to now.
"Telia Estonia's net profit in 2024 was lower than in 2023," Neudorf added.
In 2023, Telia's revenue stood at €361.1 million, and its net profit was €62.7 million.
According to Telia Eesti CEO, Holger Haljand, 2024 was one of the most challenging in the company's history.
He said: "To maintain efficiency and our investment capacity, we had to make several difficult decisions in 2024. The best example of this was the structural changes implemented in the fall, which resulted in a 10 percent reduction in our workforce in Estonia."
Despite this, the company invested approximately €50 million in Estonia in 2024, with the majority allocated to the modernization and expansion of telecommunications networks.
During the development work, 5G base stations were installed across many locations.
By the end of 2024, Telia's 5G network coverage reached more than 91 percent of Estonia's population.
As a result of number portability, Telia gained 2,505 new customers last year.
Over the past year, Telia increased its cybersecurity solutions business by approximately 50 percent, the company said.
Telia recently attracted a controversy after announcing that it would automatically upgrade customers to a faster and more expensive internet package, without obtaining their consent first.
Additionally, the company is raising mobile package prices.
Telia justifies the change as a simplification of its service portfolio.
Telia has also faced criticism that it holds the virtual monopoly on cable connections in Estonia, making it harder for the other two major players in the sector, Tele2 and Elisa, to remain competitive.
Telia Eesti is a subsidiary of the Swedish multinational Telia Company.
--
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Andrew Whyte, Mirjam Mäekivi, Karin Koppel