The revenue of Syriatel Mobile Telecom exceeded 1.631 billion Syrian pounds in the first six months of this year, with a growth rate of 181.01% compared to the same period in 2023.

According to the company’s semi-annual financial data, published by the Damascus Securities Exchange on Monday, August 19, more than 350 billion Syrian pounds of this revenue was deducted for the benefit of the state’s general treasury, which is the government’s share plus interconnection fees with the Syrian Telecommunications Company and the annual fees and contributions for the telecommunications regulatory authority.

According to the data, the company’s pre-tax profit in the first six months of this year increased by 78.73% compared to 2023.

Net profit attributable to the company’s shareholders also increased by 57.51% during the same period.

The main activity of Syriatel is the implementation of cellular services projects, marketing, importing, and exporting communications devices, chips, and electronic circuits, and performing all activities and services related to them, as well as contributing to and participating in similar projects and obtaining any rights, privileges, or licenses to achieve the company’s objectives, in accordance with the provisions of the Companies Law.

Repeated increases in service fees

Telecommunications companies in Syria repeatedly raise fees for cellular and internet services, citing the need to “ensure the continuous provision of basic services by the companies operating in the telecommunications sector to all subscribers and to enable the companies to cover the expenses incurred by these services, as they are directly affected by the current economic conditions and the rising prices of petroleum products and exchange rates.”

Syriatel has achieved noticeable profit and growth rates. According to what Enab Baladi has observed, the company’s revenue reached about one trillion Syrian pounds for the first nine months of 2023, compared to 456.6 billion for the same period in 2022, with a growth rate of 122%.

Net profits, excluding unrealized foreign exchange differences for Syriatel, amounted to 202.5 billion pounds by the end of September 2023, compared to 97 billion for the same period in 2022, with a growth rate of 108%.

Syria ranks 132nd out of 141 countries in mobile internet speed, as the 5G technology, the fifth generation of communication technologies, has not yet been introduced. The entry of this technology has been restricted by the regime’s government to Wafa Telecom, the third operator that has not yet started operating in Syria.