Telenor Group Reports Strong Financial Performance in Q3 2023

Telenor Group, a leading global telecommunications company, has announced impressive financial results for the third quarter of 2023, showcasing growth and resilience in the face of changing market conditions.
Telenor grows in AsiaNorway-based Telenor has reported a service revenue of NOK 15.8 billion, marking a significant increase of NOK 0.5 billion or 4 percent when compared to the same period in 2022. Telenor posted total revenue of NOK 20.108 billion vs NOK 19.531 billion.

Telenor’s EBITDA also displayed positive growth, increasing by 1 percent. These robust financial figures highlight the company’s commitment to delivering value to its customers and shareholders.

One notable aspect of Telenor’s financial strategy was the reduction of its capital expenditures (Capex) in Q3 2023. Capex was trimmed down to NOK 2.666 billion, a decrease from the NOK 3.172 billion spent during the same quarter in 2022.

Conversely, in the first nine months of 2023, Telenor increased its Capex to NOK 9.637 billion compared to NOK 9.54 billion in the corresponding period in 2022, reflecting the company’s strategic investment decisions.

Sigve Brekke, CEO of Telenor Group, emphasized the importance of creating value for customers as a driving force behind their success. He remarked, “Our success depends on our ability to create value for our customers, and that is our key driver. We continue to see strong customer validation and receive top customer experience ratings for our consumer mobile services in Denmark, Finland, and Sweden.”

The Telenor Nordics division reported remarkable results, with a 4 percent service revenue growth and an 8 percent EBITDA growth in the third quarter. This performance was attributed to strong operational execution and favorable energy prices. Mobile growth in the Nordics remained steady, hovering at around 5 percent.

In the Asian market, Telenor Group maintained its number one positions in three out of four markets, boasting a total customer base of 200 million people. Despite facing challenging macroeconomic conditions, Telenor’s businesses in Asia demonstrated underlying growth.

Telenor Asia’s service revenues, when adjusted for the one-time effect in Pakistan last year, improved by an impressive 6 percent. EBITDA also witnessed a notable increase of 4 percent. This growth was driven by rising mobile revenue in both Bangladesh and Pakistan, which more than offset the negative impact of inflationary pressures, including higher energy prices.

Telenor’s strong financial performance in Q3 2023 underscores its commitment to delivering value to customers and its ability to navigate evolving market dynamics effectively. The company continues to focus on maintaining its leadership positions in key markets while expanding its global presence.