Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ) has reported strong second quarter results. Revenue rose 1.1% from the corresponding quarter of 2021 to NIS 2.23 billion in the second quarter of 2022, mainly due to a 3%-4% rise in landline operation and the Pelephone mobile phone unit. Revenue in the first half of 2022 totaled NIS 4.48 billion, up 1.3% from the first half of 2021.
Bezeq will distribute a six month dividend of NIS 294 million.
The improvement in the financial results for the second quarter stems from expanded deployment of fiber optic cables and an increase in the number of Internet subscribers. The return of international travel also boosted mobile unit Pelephone results with subscribers buying overseas packages.
Adjusted net profit for the second quarter of 2022 was NIS 310 million, up 2% from the corresponding quarter of 2021. Net profit in the first half of 2022 was NIS 632 million, up 4.8% from the corresponding period of 2021.
Bezeq chairman Gil Sharon said, "Our financial strength and strong cash flow have allowed us to reduce net debt by about NIS 1 billion, as well as to recommend today a distribution of a dividend totaling NIS 294 million. I am convinced that with the continued focus on accelerating recruiting new fiber optic customers and the 5G network will allow continued growth over time, and also help growth for the Israeli economy."
Published by Globes, Israel business news - en.globes.co.il - on August 10 2022.
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