Cloud provider Selectel increased its net profit 1.5 times year-on-year in the first quarter of the year, the IT company’s press service reported. According to the results of the first three months of 2024, IFRS profit amounted to 900 million rubles (+46%) compared to the first quarter of last year.
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The IT infrastructure service provider’s revenue increased by 24% year-on-year and at the end of the quarter amounted to 2.9 billion rubles. Commenting on these results, the company highlights the growing demand for cloud IT infrastructure among Russian companies.
Adjusted EBITDA increased by 25% to 1.7 billion rubles. Adjusted EBITDA margin was 58%
Revenue from Selectel’s large customers also increased: 40% year-on-year. The greatest growth in the consumption of cloud services was shown by companies in the financial sector (1.6 times year-on-year), retail trade (1.5 times) and development (1.5 times).
According to Oleg Lyubimov, CEO of Selectel, the quarterly results correspond to the company’s expectations. Lyubimov explained that the number of clients increased to 24.1 thousand due to the trend towards digitalization of Russian companies.
In terms of forecasts, Selectel expects that demand for cloud infrastructure will continue to be high, allowing the IT company to invest in further growth.
In 2023, the company was able to double its net profit. According to IFRS, it amounted to 2.8 billion rubles. Revenue increased by 26% to 10.2 billion rubles.
Author:
Natalia Gormaleva
Source: RB
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