NBN Co records 23% y-o-y increase in revenues in 9M21

10 May 2021

Australia’s NBN Co has reported a total revenue of AUD3.5 billion (USD2.7 billion) for the nine-month period ended 31 March 2021, with the company attributing the increase in turnover against the corresponding period of 2020 to ‘strong growth in activations’. According to NBN Co, it remains on track to achieve its total revenue forecast of AUD4.5 billion for its current financial year ending 30 June 2021. Meanwhile, the company reported that EBITDA including subscriber costs also continued to improve, rising to AUD895 million in 9M21, a figure which represented a AUD1.6 billion improvement on the corresponding period a year ago. NBN Co recognised AUD1.05 billion in subscriber costs to Telstra and Optus in its latest reporting period, which it said was a 47% reduction on the payments of approximately AUD1.9 billion in 9M20. Capital expenditure in the period under review totalled AUD2.0 billion, down from AUD3.7 billion in 9M20, due primarily to the completion of the initial National Broadband Network (NBN) build.

With regards to key operational indicators, NBN Co confirmed that as of 31 March 2021 more than 11.9 million premises were classified as ready to connect to the NBN, while in the nine months to that date it said around 835,000 additional premises had connected to its infrastructure, bringing the total number of connections on its books to more than 8.1 million. According to the company, it remains on track to achieve its forecast of 8.2 million active premises by 30 June 2021.

Commenting, NBN Co’s chief executive officer Stephen Rue said: ‘We are pleased with the solid progress we have achieved and recorded across all of our key financial and operating metrics in the third quarter. Revenue was particularly strong, largely due to new customer activations on the network and upgrades to higher speed services. We are well placed to achieve our FY21 total revenue target of AUD4.5 billion, as outlined in the Corporate Plan.’

Australia, NBN Co