VANCOUVER – Telus announced today its fourth quarter 2021 results, which reports approximately $4.9 billion in consolidated operating revenues and other income for the quarter ended Dec. 31 – a 20% increase compared to the fourth quarter of 2020.
This was partly due to a $410 million pre-tax gain from the sale of its financial solutions business, excluding which the increase to Telus’ operating revenues and other income for Q4 2021 would have been 9.9%, according to a press release.
The company also reported adjusted EBITDA increased 7.6% to $1.5 billion in Q4 2021 compared to the same quarter the previous year and adjusted net income increased 14.5% to $331 million.
For Q4 2021, Telus saw total mobile and fixed customer growth of 272,000, which is the company’s “best fourth quarter on record and an increase of 19,000 over last year,” the press release says.
Telus also reported 79,000 wireline net additions, the company’s “best fourth quarter wireline customer growth on record, including 40,000 Internet customer additions,” says the release.
Total mobile net additions was reported to be 193,000, which includes 112,000 mobile phone net additions and 81,000 connected devices.
Q4 2021 mobile phone net additions represent an increase of 25,000 over the previous year, “demonstrating improvements in retail store traffic compared to the prior year, albeit still below pre-pandemic levels,” according to the release.
Mobile network revenue increased 5% in Q4 2021 “due to subscriber growth and higher mobile phone ARPU,” the press release says. “Compared to the fourth quarter of 2019 (pre-Covid-19 period), mobile network revenue increased by $60 million or 3.9%.”
Mobile equipment and other service revenues also increased by 5% “reflecting higher-value smartphones in the sales mix, despite an increased mix of certified pre-owned device sales. This was partially offset by industry-wide mobile handset inventory constraints, which resulted in lower revenue from mobile handset upgrade volumes,” the press release says.
“The quarter concluded another year of industry-leading customer growth, with all-time record total net customer additions of 960,000, including another best-ever year for Fixed customer growth of 255,000 reflecting the potency of our expansive PureFibre network capabilities,” said Darren Entwistle, president and CEO of Telus, in the press release.
“Furthermore, over the last two years we have added over 1.7 million customer additions, demonstrating the significant economic value we are creating through the strong demand for our leading product portfolio,” he said.
“Our industry-leading customer growth was driven by our team’s passion for delivering outstanding customer experiences, which once again contributed to strong client loyalty across our key product lines, including blended Mobile Phone, Internet, Optik TV, Security and Voice churn all below one per cent for the year.”
“During the quarter, our team continued to execute on our accelerated broadband build program, connecting more homes and businesses directly to our leading PureFibre network, finishing the year with more than 2.7 million premises enabled with fibre along with over 1.3 million customers connected to our world-leading PureFibre network,” added Doug French, executive vice-president and chief financial officer at Telus.
“Our 5G network now reaches 70 per cent of the Canadian population and, in the months ahead, we will continue enhancing the customer experience with the deployment of our recently acquired 3500 MHz spectrum.”
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