LMT group turnover grew by 14.2% in 2022

LMT, the Latvian mobile operator and innovator, invested more than €34.8 million in network and infrastructure development in 2022. A significant part went towards 5G technology rollout. Total group turnover grew by 14.2% to €288.8 million. Although profits were affected by rising costs of resources, LMT group’s EBITDA reached EUR 84 million, up 3.1% year-on-year, thanks to cost efficiency measures. 

Juris Binde, President of LMT, shares that 2022 has been a challenging year. Rising inflation, resource prices and the ongoing war in Ukraine have affected the telecommunications industry too. “However, the year has been a success overall: if we look back at our network modernisation and technology innovation plans, we have delivered on them as expected,” says Binde. Despite the aggressive competition in both commercial and individual customer segments, LMT’s client connections increased by more than 66 000 during the year and now exceed 1.4 million. The total number of LMT base stations in Latvia now exceeds 1550.

More than a telecommunications provider

Along with developing its mobile network, LMT also continued innovating in the fields of transport systems, drone control systems and urban sensing, which could pave the way for more efficient use of the communications networks. In August, for example, the company released Elpo – a smart air quality and smoke sensor, wrote Labs of Latvia. Later in the year, it successfully piloted a drone located in Latvia from more than 3500 kilometres away in Spain, reported Labs of Latvia. 

Strengthens cyber security and national defence capacities

LMT also continued its work in promoting cybersecurity, fostering the public’s media and digital literacy and strengthening national defence capacities. The company maintained its collaboration with the National Armed Forces, continuing to develop Europe’s first 5G military testbed, reported on by Labs of Latvia. It also became a consortium member of two European Defence Fund projects, wrote Labs of Latvia.

As the number and intensity of cyber-attacks has grown in light of the current geopolitical situation, LMT created a new internet security solution – the LMT Interneta sargs. The service is available to LMT customers, and protects both computer and smart device users from malware, computer viruses, fraudulent websites and unwanted content. It prevents more than a million cyber attacks a month. 

Working on 5G availability in the Baltic Sea

This year, LMT will continue to work on establishing a hydrographic measurement testbed and technology testing to enable 5G networks in ports and the Baltic Sea. The Memorandum of Understanding, which the company signed with the Riga Freeport Fleet, will enable innovative 5G technologies to facilitate the digitisation of port services, modernising technical assets and fleets, providing real-time communication between ships and ports, and developing and deploying autonomous solutions.

Author: Lelde Beņķe (labsoflatvia.com). Publicity photo.