Three Ireland reveals post-tax profit in 2018 following ‘significant year’

27 Nov 2019192 Views

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Three Ireland is back in the black after reporting post-tax profits of €19.2m for 2018.

The financial results of Three Ireland were posted today (27 November), in what is one of its strongest financial performances so far since it launched in 2005. The telecoms company announced an after-tax profit of €19.2m in 2018, with operating profit increasing by 46pc from €64m to €93m.

Three Ireland said the growth was due to a number of contributing factors including a 7pc increase in its customer base as well as lower sales and administrations costs between 2017 and 2018.

Additionally, Three Ireland’s market share increased from 34.2pc in 2017 to 35.1pc in 2018. Over the course of the year, the operator said it invested €115m into its network.

Speaking of the results, Three Ireland CEO Robert Finnegan said: “2018 was a significant year for everyone here at Three Ireland. Once again, we continued to invest heavily in our network, delivering better service to our customers, which resulted in more consumers joining Three, increasing our base by 7pc.

“This success has been achieved through the hard work and commitment from the team at Three, as well as having a strong focus on controlling costs. For 2019 we’ve continued to build on our market share growth, [completing] our digital transformation programme, as well as planning the roll-out of our 5G network across the country.”

Connectivity

Three Ireland has seen its biggest rivals in the country – Vodafone and Eir – already launch their initial 5G networks, with Three promising back in March that it would begin its own roll-out by the end of this year.

Meanwhile, the company has continued its partnership with the island of Arranmore, off the coast of Donegal, to generate new opportunities and to overcome some of the connectivity challenges on the island.

Much of its population is over the age of 65 and, to help them live independently and safely, Three has been trialling solutions such as installing sensors on doors, appliances and water tanks, building a profile of the person’s habits and routine over time. The sensors pick up any dramatic changes and signal an alert to a family member or neighbour.

Colm Gorey is a senior journalist with Siliconrepublic.com

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