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China Telecom's Q1 Revenue Reaches 134.5 Billion Yuan

Updated:2024/4/25 16:10

China Telecom announced its financial results for the first quarter of 2024 on April 24th. During the reporting period, China Telecom achieved a revenue of 134.495 billion yuan, a year-on-year increase of 3.7%. Service revenue reached 124.347 billion yuan, a year-on-year growth of 5.0%. Net profit was 8.597 billion yuan, a year-on-year increase of 7.7%; non-GAAP net profit was 9.160 billion yuan, a year-on-year growth of 5.4%. EBITDA was 35.1 billion yuan, a year-on-year increase of 3.6%.

In terms of mobile communication services, China Telecom continuously improves the quality of its 5G network, accelerates the intelligent upgrade of 5G applications, and expands characteristic applications such as 5G direct satellite connection for mobile phones and 5G quantum secure communication to meet the digital needs of users in different scenarios. This promotes the continuous growth of the scale and value of mobile users. In the first quarter of 2024, mobile communication service revenue reached 52.226 billion yuan, a year-on-year increase of 3.2%. The net number of increase in mobile users was 3.88 million, reaching 412 million in total. The net number of increase in 5G package users was 10.06 million, reaching 329 million in total, with a penetration rate of 79.9%. Mobile user ARPU was 45.8 yuan, a 0.9% increase from last year.

In terms of fixed-line and smart home services, China Telecom adheres to the development of "5G+ gigabit broadband + gigabit WiFi" integration, accelerates the deep integration of basic connectivity, smart home applications, and other products with new elements such as cloud, AI, and security, and promotes the integration and promotion of smart communities and digital rural platforms. It continuously provides high-quality digital products and scenario-based services. In the first quarter of 2024, fixed-line and smart home service revenue reached 31.824 billion yuan, a year-on-year increase of 2.2%. The number of wired broadband users reached 192 million, and smart home revenue increased by 10.4% year-on-year. This drove the broadband comprehensive ARPU to reach 48.6 yuan, a 2.1% increase from last year, and the continuous improvement of smart home value contribution.

In terms of industrial digitization, China Telecom seizes the opportunity of economic and social digital transformation, continues to cultivate key industries, expands ecological cooperation, and uses "network + cloud + AI + applications" to meet the digital needs of thousands of households and industries, promoting the rapid development of strategic emerging businesses and the deep integration of digital technology and the real economy. In the first quarter of 2024, revenue from industrial digitization reached 38.679 billion yuan, a year-on-year increase of 10.6%.

Additionally,China Telecom's R&D expenditure in the first quarter of 2024 was 1.571 billion yuan, a year-on-year increase of 13.8%. This is mainly due to the company's focus on strategic emerging industries and future industries, continuous increase in technological innovation, strengthening of key core technology research, and enhancement of core capabilities.

China Telecom pointed out that starting from 2024, the profit distributed in cash within three years will gradually increase to over 75% of the annual profit attributable to shareholders, actively giving back to shareholders.

 Source:C114
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