BCE Inc. revenue up in fourth quarter
Fourth quarter results
The operating revenues of BCE INC. Q4 2021 CANADA grew 1.8% to $6.209 billion, with wireless, internet and media all credited with the increase, but product revenue lagged 4.5%. Net profit fell 29.4% to C$658 million and net profit attributable to common shareholders fell 29.7% to C$625 million (69 cents/share), reflecting a one-time gain of 211 million Canadian dollars in 2020. Adjusted EBITDA increased by 1.1% to C$2.430 billion despite a 19% decline for the media division; Free cash flow increased by 156.5% to C$236 million.
BELL MEDIA, the division that encompasses radio as well as television and digital, saw its revenues increase by 7.3% to reach C$849 million, thanks to the increase in television advertising (11.8%) and subscription revenue (1.9%). Digital revenue jumped 36%, but adjusted EBITDA fell 19% to C$153 million, due to higher programming costs and sports rights. The company’s earnings release did not mention radio except to predict a “gradual recovery” for radio in its assumptions for the media segment.
President and CEO MIRKO BIBIC said, “At BELL, we have been particularly focused on our goal of advancing the way Canadians connect with each other and with the world, and our strong execution and operational discipline to achieve this. objective bear fruit. Bell’s strong performance in the fourth quarter and throughout 2021 reflects continued demand for fast, reliable and innovative services to keep residents and businesses connected, informed and productive with new mobile phones and connected mobile devices, additions retail Internet and IPTV subscribers of 225,533 in the fourth quarter, and our best annual retail residential net subscriber performance in 10 years.
“A key element of our strategy has been to defend the customer experience. I’m proud of the gains we’ve made over the past year, leading the industry in reducing customer complaints and improving our digital tools and self-service apps so our customers is clear that our historic program of accelerating network capital spending to connect more Canadians faster and continue to achieve our goal is the right path forward as CANADA recovers from the impacts of COVID-19. our 2021 network expansion goal is to reach 1 million homes with Wireless Home Internet one year ahead of schedule. We have expanded our direct fiber footprint to communities across the country, and our network 5G now covers over 70% of the Canadian population.
“As we look to 2022, we plan to reach up to 900,000 additional homes and businesses with direct fiber optic connections and extend the reach of our 5G network to meet the growing needs of our customers. And in every interaction, we will continue to build on the gains we have made in facilitating business relationships with our customers and keeping them at the center of everything we do. »
CFO GLEN LEBLANC added: “The fourth quarter capped off a year of successful financial performance, reflecting excellent operational execution driven by continued strong Home Internet results and our best wireless revenue growth in 4 years, as we have nearly recovered from the impacts of COVID, reach c.99% of 2019 consolidated revenue and adjusted EBITDA in 2021
“Looking to 2022, our financial outlook is underpinned by a positive financial profile for all three of Bell’s operating segments that reflects strong industry fundamentals and our consistent execution in a competitive market as we focus on performance. favorable financial situation, major investments in broadband and operational dynamics. we delivered in 2021. In addition, given the strong valuation of our major defined benefit pension plans, we plan to take contribution holidays starting this year, which will effectively reduce our annual cash funding, supporting the continued acceleration of fiber and 5G and a 5.1% increase in BCE revenues. common stock dividend for 2022.”
The company’s board of directors has declared a quarterly dividend of C$0.92/share, payable on APRIL 15 to shareholders of record on MARCH 15.
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