Portugal's NOS posts lower 2023 profit, revenue rises

Nos SGPS SA

05/03/2024 18:24

LISBON, March 5 (Reuters) - Portuguese
telecommunications company NOS  NOS.LS  posted on Tuesday a
19.4% drop in 2023 net profit to 181 million euros ($197
million) after a one-off gain from a sale of towers the previous
year, while revenue rose.
    The company, whose businesses include cable television and
cinemas, said consolidated revenue grew 5% to 1.6 billion euros,
of which 1.53 billion came from its telecom business. Sales at
its cinemas and movie distribution business jumped 11%, as the
industry recovered "almost back to pre-pandemic levels".
    Chief Executive Officer Miguel Almeida said the results "are
confirmation of the bold strategic choices" made in the past few
years, such as the decision to accelerate the deployment of 5G
technology that now covers over 94% of the population.
    Consolidated earnings before interest, taxes, depreciation
and amortisation (EBITDA) rose by 10% to 717 million euros,
while its EBITDA margin - a key measure of profitability
-improved 2.1 percentage points to 44.9%, the company said.     
    
    NOS added 183,000 mobile telecoms customers to the prior
year level to total about 5.9 million in 2023, and its revenue
generating units - either individuals or businesses - rose by
2.1% to 11 million.  
    ($1 = 0.9206 euros)

 (Reporting by Patricia Vicente Rua; Editing by Andrei Khalip
and Emelia Sithole-Matarise)
 ((patricia.rua@thomsonreuters.com; +351 21 123 2775; Reuters
Messaging: patricia.rua.reuters.com@reuters.net))