The Ukrainian market of Internet providers recorded significant growth in 2024 — volumes increased by 2.6 times compared to 2023. About this it is said in the study of the VKURSI Market BI platform.
The total revenues of the sector reached UAH 258 billion, while last year they amounted to UAH 99.2 billion. The industry’s profit also showed a dynamic growth — more than doubled to UAH 44.9 billion.
The undisputed leader of the market remains Kyivstar, which in 2024 received UAH 39.2 billion in revenue and UAH 11.3 billion in profit. “Vodafone Ukraine” is second in terms of revenue with UAH 23 billion, while “Lifecell” is in third place, earning UAH 14 billion. In total, the ten largest operators secured 35% of the market, which is equal to UAH 91.7 billion.
One of the features of the Ukrainian telecom market is the significant presence of foreign capital — 8 out of 10 largest providers have foreign owners or ultimate beneficiaries. In particular, “Kyivstar” is part of the Dutch Veon group, “Vodafone Ukraine” and “Farlep-invest” are controlled by a citizen of Azerbaijan, and three companies of the DVL group (“Datagroup”, “Volya-Kabel” and “Lifecell”) belong to the French businessman Xavier Niel.
Among the Ukrainian players, Ukrtelecom, owned by Rinat Akhmetov through the System Capital Management Group, and Proximus, founded by Ukrainian entrepreneurs, stand out. “Ukrtelecom” demonstrated the most noticeable improvement in financial results, going from a loss of UAH 300 million in 2023 to a profit of UAH 389 million in 2024.
In total, during 2024, 2,652 companies worked on the market. Among them, 244 new operators started operations, while 376 companies either completely ceased operations or were in the process of liquidation. Such changes indicate active market dynamics, competition and gradual consolidation of the telecom sector.
