St. Petersburg provider eTelecom doubles revenue to 2.1 billion rubles in 2025

Internet provider eTelecom closed out 2025 with revenue of 2.11 billion rubles, double the 1.04 billion rubles recorded a year earlier. Net profit, however, grew just 9.9% — from 20.9 million to 23 million rubles. That mismatch turned out to be the biggest surprise in the St. Petersburg operator's financial results.

eTelecom (legal entity: JSC ElectronTelecom) operates under its own brand name and owns a fiber-optic network stretching more than 4,000 km across St. Petersburg and the Leningrad region. The company provides broadband internet access, telephony services, and interactive television to both private and corporate customers. Beyond its core business, it is also building out cloud video surveillance systems, smart intercom management services, and alert systems, working with major developers and telecom operators.

Revenue and expense dynamics

Cost of sales rose 56.3% — from 894.4 million to 1.4 billion rubles — noticeably slower than revenue growth. Thanks to economies of scale, gross profit jumped 4.8-fold, from 147.6 million to 707.6 million rubles.

Profit from sales grew 3.2-fold — from 40.9 million to 129 million rubles. Pre-tax profit came to 40.4 million rubles, up from 28.8 million a year earlier (+40.2%). Income tax rose to 17.4 million rubles from 7.9 million rubles.

Management expenses — the main drag

Much of what the company earned, however, went straight into operating costs. Commercial expenses climbed 86.6% (from 39.9 million to 74.4 million rubles), while management expenses surged 7.5-fold — from 66.8 million to 504.2 million rubles. These expenses became the primary drag on the company's bottom line.

Balance sheet structure and debt

The company's balance sheet grew 35.2% — from 711.3 million to 962 million rubles. Non-current assets rose 37.2% (from 325.1 million to 446.1 million), while current assets increased 33.6% (from 386.2 million to 515.9 million).

Debt grew faster than the business itself. Accounts receivable jumped 57.3% — from 196 million to 308.3 million rubles — while accounts payable rose 65.2% — from 279 million to 460.9 million rubles.

Equity capital remained nearly unchanged at 308.4 million rubles versus 306.3 million rubles (+0.7%). Short-term liabilities surged 69.3% — from 365.2 million to 618.3 million rubles — while long-term liabilities, by contrast, fell 11.3% — from 39.8 million to 35.3 million rubles.