China Mobile, China Unicom report Q1 results

22 Apr 2022

Chinese full-service providers China Mobile and China Unicom have published financial results for the first three months of 2022.

China Mobile has reported operating revenue of CNY227.3 billion (USD35.3 billion) for the three months to end-March 2022, representing an increase of 14.6% year-on-year. Service revenue made up CNY193.8 billion of that total (up 9.1% y-o-y), driven by increases in 5G subscriptions and mobile ARPU. 5G package subscriptions totalled 467 million at the end of March 2022, compared to 387 million at the end of December 2021, whilst 5G network subscriptions grew from 207 million to 233 million over the same period. Similarly, mobile ARPU rose to CNY47.5 in Q1 2022 from CNY45.0 in the preceding quarter. Meanwhile, EBITDA for the three-month period increased by 5.6% y-o-y to CNY76.1 billion and net profit attributable to shareholders grew by 6.9% annually to CNY25.6 billion. Mobile’s fixed broadband segment booked net additions of nearly nine million during the quarter, counting a total of 249 million subscriptions at the end of March 2022, although ARPU dropped to CNY32.4 from CNY34.5.

For its part, China Unicom booked operating revenue of CNY89.0 billion for Q1 2022, up from CNY82.3 billion a year earlier, and of which CNY81.2 billion was service revenue (up from CNY73.9 billion in Q1 2021). EBITDA for the period totalled CNY25.0 billion, having increased by 5.9% y-o-y, with profit attributable to shareholders increasing by 20.6% over the same period to CNY4.6 billion. China Unicom altered its reporting methodology for operational statistics from February 2022 and as such the results are not comparable with previous periods. Unicom claimed a total of 779 million ‘Big Connectivity’ subscriptions at the end of March 2022, which includes mobile, fixed broadband, fixed telephony, IoT and leased line subscriptions. Within that top line figure, Unicom noted that 5G package subscriptions numbered 171 million alongside a total of 313 million IoT terminal connections.

China, China Mobile, China Unicom