Ice Group narrows net loss in 3Q20 as subscriber numbers continue to rise

12 Nov 2020

Norway’s Ice Group has published its financial results for the quarter ended 30 September 2020, with the company’s CEO Eivind Helgaker saying that his company had ‘continued the positive operational development’. For the three-month period under review the company reported total service revenues of NOK494 million (USD55 million), up from NOK449 million in Q3 2019, with smartphone service revenues accounting for the lion’s share of that figure – NOK413 million – up from NOK365 million. EBITDA for the third quarter of 2020 totalled NOK5 million, representing a solid improvement from the negative EBITDA of NOK20 million in 3Q19. Meanwhile, Ice Group also narrowed its net loss, which stood at NOK223 million in 3Q20, compared to a net loss of NOK320 million in the corresponding period a year earlier.

With regards to operational highlights, Ice Group reported that its total mobile subscriber base had increased to 701,000 as of 30 September 2020, broken down as 619,000 ‘smartphone subscriptions’ and 82,000 ‘mobile broadband subscriptions’, respectively, up from 641,000 (555,000 smartphone/86,000 mobile broadband) a year earlier. Smartphone ARPU also increased, reaching NOK233 per month in 3Q20, compared to NOK231 per month in 3Q19.

Ice Group also highlighted its network development, confirming it had deployed an additional 226 new base stations in 3Q20, bringing the total number of base stations on air to 2,696, up from 1,987 at end-September 2019. Also of note, it confirmed that in September that it had agreed a new national roaming agreement (NRA) with Telia Norge, with this having been retroactively implemented from 1 June 2020. According to the operator, the new agreement ‘will lower [its] NRA costs significantly and is very important for improving [its] profitability’.

Norway, Ice Group (formerly AINMT)