Telenor reports lower operating revenues in the fourth quarter of 2020

TelenorPhoto: Gorm Kallestad / NTB

Telenor registered lower operating revenues in the fourth quarter last year but still delivered solid results compared with 2019. Now the owners can expect dividends.

“The year 2020 was marked by the global pandemic. Despite a challenging situation, we have accelerated digitalization, ensured employee safety, and maintained socially critical services for our customers. Telenor reports 2% organic growth in EBITDA and a strong cash flow of NOK 21 billion in 2020,” CEO Sigve Brekke of Telenor said. 

Ordinary operating profit ended at NOK 9.3 billion, up from NOK 6.3 billion in the fourth quarter of 2019, but the profit before tax increased from NOK 5.6 billion to NOK 10.2 billion.

Dividend payout announced

In the fourth quarter, Telenor received approximately NOK 800 million less in operating revenues – from NOK 31.7 billion in the fourth quarter of 2019 to NOK 30.9 billion in the same period last year.

Operating profit before other items – tax and depreciation, as well as other income and expenses – ended at NOK 13.5 billion, approximately the same as the last quarter of 2019.

For 2020 as a whole, operating revenues increased from NOK 113.7 billion in 2019 to NOK 122.8 billion, and operating profit before other items ended at NOK 56.5 billion, up from NOK 50.7 billion.

“In 2021, we will continue to prioritize growth, modernization, and social responsibility. In the coming months, our businesses will continue to be affected by the pandemic, especially in Asia,” Brekke said.

Telenor is now announcing a dividend payment to its shareholders of NOK 9 per share.

Challenging in Asia

“Strong competition and ripple effects from the pandemic have led to pressure on revenues in Asia, especially in Thailand and Malaysia. At the group level, subscription and traffic revenues fell by 3%, but good cost and investment control resulted in stable EBITDA and improved cash flow,” Brekke said.

It is still unclear how Telenor’s significant interests in Myanmar will be affected by the military coup. Telenor has around 35% market share in Myanmar.

On February 1, the military in Myanmar declared a state of emergency. 

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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