Croatia's major telecom Hrvatski Telekom (HT) generated a net profit of 614.4 million kuna (€82 million) in 2021, or 7.1 percent up from 2020, the company reported on Thursday.

According to the information published on the Zagreb Stock Exchange, HT ended the year with total revenue of 7.5 billion kuna, or 1 percent down from 2020. Total consolidated net revenue decreased by 64 million kuna or 0.9 percent year-on-year, with the group’s revenue decreasing by 1.1 percent, while the company’s subsidiary in Montenegro, Crnogorski Telekom, registered an increase of 2.5 percent in revenue.

Germany’s Deutsche Telekom owns a 51-percent stake in HT.

Total expenditure dropped by 1.4 percent year-on-year, and amounted to 6.7 billion kuna.

“Organic EBITDA after loans increased 7.9 percent on the year which is an increase of EBITDA after loans for the fifth quarter in a row and confirms the continuation of strong positive business development and effects of transformation measures.”

In the past five years, investments amounted to 9 billion kuna, making HT the largest investor in the country. Capital investments in 2021 were more than 1.7 billion kuna, which is more than the originally planned 1.6 billion kuna. Last year HT paid out 742 million kuna in dividends to its shareholders, the company told state agency Hina.