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Rogers’ 6M revenue improves 6%; merger deadline moved to December

Canadian full-service telecoms group Rogers Communications has reported 'solid operational and financial performance across all business units' driving expanded year-on-year growth in the first half of 2022. Total revenue grew 6% y-o-y to CAD7.487 billion (USD5.822 billion) in January-June, with service revenue improving by 8% to CAD6.639 billion. Adjusted EBITDA reached CAD3.131 billion in 1H22, a 13% y-o-y rise, with six-month net income jumping 21% to CAD801 million. Rogers highlighted post-paid mobile phone subscription net additions of 122,000 in the second quarter of 2022, up 62,000 from last year, alongside Q2 retail fixed broadband net adds of 26,000, up 12,000.

Rogers also stated that it remains committed to its proposed merger with Shaw Communications (first announced in March 2021 but still pending approval from telecoms and competition regulators), whilst Quebecor – the parent of cableco/cellco Videotron – also remains committed to its agreement announced in June 2022 to buy Shaw's Freedom Mobile division, dependent on the Rogers-Shaw merger completing. With Competition Tribunal pre-hearings on the M&A proposals expected in August-September, Rogers confirmed that the parties have extended their target 'outside date' for merger completion to 31 December 2022.

Thanks to TeleGeography for this industry update.

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Wednesday, 17 August 2022

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