Telenor Group reports organic revenue growth for 2Q21

20 Jul 2021

Norwegian telecoms giant Telenor Group has reported a return to growth in the second quarter of 2021, with the company saying this had been ‘driven by strong performance in the Nordics combined with a growing subscriber base and increased data consumption in the Asian markets’.

In the three months ended 30 June 2021, Telenor Group recorded a total reported turnover of NOK27.158 billion (USD3.04 billion), down from NOK28.978 billion a year earlier, while subscription and traffic revenues totalled NOK20.327 billion, down from NOK22.005 billion. However, the company reported organic revenue growth of 3.3% for Q2 2021, compared to an organic revenue decline of 4.8% in the corresponding period a year earlier, while organic subscription and traffic revenue growth for 2Q21 was 2.1% (2Q20: -4.5%).

Meanwhile, on an organic basis Telenor’s EBITDA increased by 4% year-on-year on the back of what it called ‘positive development in majority of [its] business units’. Grameenphone was reportedly the biggest contributor to the group’s subscription and traffic revenue growth in 2Q21, while both its Pakistan and Nordic operations were said to have contributed positively. Reported EBITDA decreased by NOK800 million, however, to NOK12.353 billion. Telenor’s net income in the second quarter stood at NOK2.188 billion, down from NOK4.428 billion in 2Q20, with the company noting that an increase in operating profit and lower income taxes were ‘more than offset by the by the negative development in net financial items by NOK1.5 billion’.

In operational terms, Telenor Group reported a consolidated mobile subscriber base of 170.284 million as of 30 June 2021, up from 158.905 million a year earlier. Notable gains were recorded at Bangladesh’s Grameenphone (82.025 million subscribers at end-June 2021, up from 74.531 million a year earlier) and Telenor Pakistan (48.837 million, up from 45.078 million).

Norway, GrameenPhone (GP), Telenor Group, Telenor Pakistan