China Mobile Reports Robust Growth in First Half of 2023 with Strong Performance Across Segments

In a significant financial update, China Mobile, a global telecommunications giant, has announced impressive operating results for the first half of 2023.
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The company reported a substantial operating revenue of RMB530.7 billion, reflecting a remarkable year-on-year growth of 6.8 percent. This remarkable achievement underscores China Mobile’s position as a leading player in the telecommunications industry.

Key Highlights:

Telecommunications Services Thrive: The telecommunications services sector remained the cornerstone of China Mobile’s success, contributing RMB452.2 billion in revenue and marking a commendable 6.1 percent increase compared to the previous year. The total number of connections surged to an impressive 3.19 billion, with a net addition of 250 million connections.

Digital Transformation Gains Momentum: A notable achievement was the surge in digital transformation revenue, which experienced a significant increase of 19.6 percent, amounting to RMB132.6 billion. This accounted for 29.3 percent of telecommunications services revenue, indicating the company’s commitment to staying at the forefront of technological advancements.

Strong Profitability and Financial Performance: China Mobile’s profit recorded an impressive growth of 8.4 percent, reaching RMB76.2 billion. Earnings per share also showed positive growth, standing at RMB3.56. The company maintained its industry-leading profitability status among top-tier global telecommunications operators.

5G Evolution: China Mobile’s foray into the 5G realm continued to yield impressive results. The company’s mobile customer base saw a net addition of 10.38 million customers, totaling 985 million. An exceptional 722 million customers subscribed to the 5G package, marking a net increase of 108 million. Furthermore, innovative 5G services such as high-definition video and augmented reality garnered a substantial customer base.

Home Market and Business Segment Flourish: The home market demonstrated significant growth, with revenue reaching RMB64.9 billion, an impressive 9.3 percent increase. The number of household broadband customers surged to 255 million, reflecting a net increase of 11.15 million. In the business market segment, revenue soared to RMB104.4 billion, marking a substantial growth of 14.6 percent. The corporate customer base also expanded, reaching 24.30 million.

5G Commercial Projects Drive Expansion: China Mobile’s strategic focus on 5G commercial projects yielded promising results. The company signed agreements for over 25,000 such projects across various sectors, driving the value of DICT contracts to RMB20.9 billion – a growth of 28 percent. Revenue from the 5G dedicated network also witnessed a robust increase of 69.7 percent.

China Mobile’s remarkable performance in the first half of 2023 underscores its commitment to innovation, customer satisfaction, and market leadership. The company’s strategic initiatives, particularly in the 5G and digital transformation realms, have positioned it at the forefront of the ever-evolving telecommunications landscape. As China Mobile continues to harness technological advancements, its impact on the industry and global connectivity is poised to remain substantial.