Telenor raises 2024 outlook

Details: Manny Pham; Category: Operators; 19 July 2024; 10782 views

Telenor raised its 2024 forecast after reporting “solid results” across its footprint in the Nordics and Asia.

"Telenor is on track and continues to deliver on a strategy that works. We still have strong and profitable growth and solid cost control in the Nordic region – headed by Sweden and Finland in the last quarter.

“In Asia, we have seen a positive uplift in Thailand, partly because of tourism picking up again, as well as synergies," said Telenor CEO Sigve Brekke, in a statement.

The Norwegian operator group detailed in Q2 it gained NOK16.3 billion (US$1.5 billion) in service revenue a year-on-year increase of 4.5%. EBITDA stood at NOK8.8 billion a growth rate of 3.8%. Free cash flow was NOK2.2 billion in the quarter.

In the first half of the year EBITDA stood at NOK17.3 billion up from NOK16.9 billion YoY, a growth rate of 5%. Total revenues was NOK39.4 billion an increase of only 1%.

The operator predicted medium single-digit organic growth in both Nordic and Group EBITDA by the end of the year. Service revenue was also raised from low-single digit to Low-to-mid single-digit organic growth in the Nordics.

Inflation in the Nordics had dropped to low to mid-single digits which aided the results. Despite the drop in inflation the company will keep raising prices to boost sales, reported Reuters.