Israel-based telecommunications company Bezeq (BZQIF) has reported mixed results for the first quarter ended March 31, 2022.
Revenues for the quarter stood at NIS 2.2 billion ($650 million), up 1.5% year-over-year, due to growth witnessed in Bezeq Fixed-Line and Pelephone.
Earnings for the quarter came in at NIS 0.10 ($0.030) per share, which denotes a decline of 33.3% from the year-ago quarter. The figure is, however, in line with the consensus estimate.
Key Operating Metrics
The company’s adjusted EBITDA rose 4.4% year-over-year to NIS 958 million ($285 million), while the adjusted EBITDA margin stood at 42.5%, up from 41.3% a year ago.
Bezeq’s free cash flow also improved by 76.5% from the previous year to NIS 570 million ($169.53 million).
Notably, the cash flow from operating activities for the company grew 56.6% from the previous year to NIS 1.1 billion ($330 million).
Management’s Take
The CEO of Bezeq, Dudu Mizrahi, said, “We posted excellent results in the first quarter of 2022 recording the highest quarterly revenues since the end of 2015, the year when the wholesale market was launched over the company’s broadband infrastructure. Fiber deployment and customer connections continued to grow at a high pace; today we have brought fiber optics to 1.25 million households and connected 143,000 customers.”
Conclusion
Overall, Bezeq has reported a solid quarter on the back of growth witnessed in the top line and some of its key operating metrics. However, the decline in earnings remains a headwind for the company.
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