Three Ireland, a mobile network, has announced a growth in its share of the Irish telecommunication market to 46.5 percent in the first half of 2024. The company experienced an increase in both revenues and earnings owing to the growth in its customer base. After a challenging 2023 due to inflationary effects on consumer spending and rising energy costs, business activity revived and costs minimized during the first six months of 2024, with a 4 percent revenue increase compared to the same period the previous year, reaching €309 million.
Before considering interest, taxes, deductibles, and amortisation, the telecom company’s earnings leapt by 11% to €78 million. This happened as energy costs dropped after the peaks in 2022 and 2023, which were seen as an aftermath of Russia’s invasion of Ukraine.
Three’s market share in the Republic rose from just under 46 percent at the end of the previous year to 46.5 percent, with approximately 600,000 new customers added during the period compared to the same time in 2023. Consequently, Three boosted its overall customer base to 4.7 million at the end of June due to its consistent expansion into the “internet of things” and the growth in its 5G broadband network.
As for the company-wide capital expenditure, the figure for the first half was slightly lower than the same period in the previous year, standing at €43 million compared to €47 million. Owned by CK Hutchison Holdings, Three still went on to invest in 5G and now boasts more than 90 percent 5G coverage throughout the state, with a 4G coverage of 99.4 percent.
Simon Henry, the Chief Financial Officer of Three Ireland, expressed his satisfaction with the performance of the company during the first half of the year. Even with ongoing investment in energy-saving initiatives to counteract energy inflation, the company is contented with the financial results.