Ice Group’s revenues rise in 2Q20 as it continues to attract subscribers

18 Aug 2020

Norway’s Ice Group has published its financial results for the quarter ended 30 June 2020, reporting total service revenues of NOK460 million (USD52 million), up from NOK394 million in the same period a year earlier. A similar level of growth was recorded for ‘smartphone service revenues’, which increased by almost 19% year-on-year to NOK379 million. With Ice Group reporting an adjusted EBITDA of NOK2 million for the three-month period under review, this represented a significant improvement from the negative NOK46 million the company recorded a year earlier. Net losses narrowed from NOK297 million in 2Q19 to NOK181 million in 2Q20. Capital expenditures in the second quarter of 2020 totalled NOK161 million, compared to NOK312 million a year earlier.

In operational terms, Ice Group reported that as of 30 June 2020 it had 598,000 smartphone subscribers on its books, up from 536,000 at mid-2019, while the number of mobile broadband subscriptions fell marginally, to 84,000 (Jun-19: 85,000). According to the company, it added 232 new sites to its network in the second quarter of 2020, bringing the total number of sites it had in operation to 2,470 by the end of the reporting period. Ice Group also confirmed that it is planning to conduct a 5G pilot ‘later this year’, while an initial 5G offering using spectrum in the 700MHz band in urban areas is ‘expected during 2020’.

Norway, ice, Ice Group (formerly AINMT)