Today marks 17 years since Mtel entered Montenegro’s telecommunications market, yet it remains the leader in mobile phone users, despite being the last entrant into the saturated market back in 2007, as reported by Bankar.me.
By the end of last year, Mtel led in the number of SIM cards with over 482,000 users, commanding a significant market share of 36.7 percent.
What sets Mtel apart is its entry into the market in 2007, when existing mobile operators collectively held 784,000 SIM cards—more than Montenegro’s population itself—underscoring the remarkable success of entering such a competitive mobile telecommunications market.
The growth trajectory has continued, and as of the end of March, according to the latest EKIP data, Mtel maintained its lead in SIM card numbers, with 497,359 mobile phone users out of a total of 1,287,377 in Montenegro. During the launch of Mtel’s 5G network, Vladimir Lučić, the visionary behind Mtel in Montenegro and CEO of Telekom Srbija, reminisced about the 2006 tender for Montenegro’s third license, where he spearheaded the acquisition of licenses and meticulously planned the engineering aspects. “After all these years of Mtel’s development, I must say I am proud because Mtel achieved what was once deemed impossible—entering a saturated mobile telecommunications market. We entered as the third operator when penetration had already reached 100 percent, and similarly ventured into saturated internet and television markets. Not only are we now number one, but with the construction of our optical network, we have positioned Montenegro among Europe’s most developed countries in terms of optical connections per capita and kilometers of fiber optics,” Lučić told Bankar.me recently during the 5G network promotion.
The company has numerous reasons for pride when it comes to its performance.
In the past year alone, Mtel recorded its highest profit growth and achieved outstanding results, with nearly €28.5 million in net profit. Compared to other telecommunications operators, Mtel also boasted the highest EBITDA profit, exceeding €61 million by the end of the previous year.
All telecommunications companies experienced substantial revenue growth in 2023, as illustrated in the graph below covering the last four years. Throughout this period, Mtel held the leadership position, increasing this metric by over 36 percent last year to more than €111 million in total revenue. Additionally, Mtel leads in fixed assets, valued at over €305 million at the end of 2023—50 percent more than the combined assets of its two remaining competitors: Crnogorski Telekom (€125 million) and One Crna Gora (€75 million).
Moreover, Mtel boasts the largest capital in its books (over €182 million) and managed to achieve a Return on Equity (ROE) of 15.64 percent, thanks to its stellar annual business performance.
The largest employer in the industry, with a focus on families and children In terms of employment, Mtel employed the highest number in the industry by the end of 2023 (487 employees), with its employees achieving the highest revenue per employee and pre-tax profit.
MTEL has also received recognition from the Association of Managers of Montenegro as the best employer focused on families and children, underscoring its significant contribution to the entire Montenegrin community.
