Page 20 - bne IntelliNews monthly magazine December 2024

20 I Companies & Markets bne December 2024
Half of Ukraine’s top IT firms see revenue drop
amid war, relocations
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Half of Ukraine’s largest IT companies recorded a decline in revenue in 2023 as the ongoing war forced relocations and saw staff and resources move abroad.
According to industry data, 15 of Ukraine’s 30 biggest IT firms reported lower revenues than in 2022, a trend attributed to shifts in business between affiliated legal entities, relocation to other jurisdictions, the departure of skilled workers and an overall downturn in business activity.
Despite these challenges, several global players have remained resilient. EPAM, GlobalLogic and Luxoft continue to dominate Ukraine’s IT market in terms of revenue, with EPAM Digital showing particular growth after transferring
part of its operations. Fintech company Monobank and SoftS- erve also recorded positive revenue gains during the year.
Playtika led in terms of revenue per employee, generating
an impressive $6,900 per month, while most of Ukraine's other major IT firms posted monthly revenues of between $3,000 and $5,000 per employee. The highest net profits were recorded by Monobank, EPAM, and GlobalLogic, accounting for nearly 47% of the total profit among Ukraine’s top 30 IT companies.
Meanwhile, employment has grown across Ukraine’s IT sector, with the 30 largest firms collectively employing 10,500 full-time workers in 2023, up from 8,500 in 2022.
Telekom Srbija plans US expansion after Trump's victory
Tatyana Kekic in Belgrade
Telekom Srbija, the state-controlled telecommunica- tions company, is set to expand its services to the US market, CEO Vladimir Lucic told Serbian media on November 12.
In an interview with Newsmax Balkans, Lucic emphasised the opportunity for closer ties with the United States following Donald Trump’s election victory. Serbian President Aleksan- dar Vucic was among the first European leaders to congratu- late Trump and held a friendly phone conversation with the president elect on November 10.
Lucic believes that Vucic’s close relations with Trump could benefit both the Serbian economy and Telekom Srbija. "I am sure that this will help Telekom Srbija," Lucic said, emphasis- ing the company's goal of reaching the Serbian community in the US through its telecommunications services.
In addition to expanding into the American market, Lucic revealed that Telekom Srbija plans to explore strategic part- nerships with major digital companies, including Amazon. "Let's try to establish strategic partnerships with digital companies such as Amazon, in order to sell their services here and work with them in content production," he told Newsmax Balkans.
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Telekom Srbija has previously been a pioneer in the region, becoming the first company to enter the European stock market. Lucic pointed out that a significant portion of the financial firms purchasing Telekom Srbija's bonds were based in the US, underlining the company's international reach and future expansion prospects.
CEO Vladimir Lucic believes Donald Trump's re-election could benefit both the Serbian economy and Telekom Srbija. / Telekom Srbija