(Montreal) Quebecor recorded increases in revenue in the fourth quarter of 2023 and throughout the year, notably driven by the performance of the Telecommunications sector, as well as increases in net profits attributable to shareholders.
In the most recent quarter, Quebecor’s net income amounted to 146.2 million, or $0.63 per basic share, an increase of 3.7 million compared to the corresponding period of the previous fiscal year. During the same period, adjusted profit increased by 5.1% to 167.5 million. Revenues from the Telecommunications sector jumped 35.2%.
Consolidated net profit attributable to Quebecor shareholders for the entire 2023 financial year increased in one year by 8.5%, to 650.5 million, or $2.82 per basic share. Adjusted profit increased by 10.1% to 688.1 million.
As for revenues, they stood at 5.43 billion, up 19.9% year-on-year.
In 2023, the Telecommunications sector posted increases of $935.8 million in revenue, or 25.2%.
However, TVA Group suffered a drop of 8.3% in revenue, or $49.2 million. On this subject, Quebecor reports another significant drop in advertising revenues and the Quebec giant once again complains about the serious consequences of the proliferation of on-demand digital broadcasting platforms, competition from Web giants and the competition it describes as disloyalty of Radio-Canada which benefits from state subsidies.
Quebecor adds that the unfavorable results of TVA Group are also attributable to the film and audiovisual services activities which were affected by the shutdown of foreign productions linked to the strikes of screenwriters and actors in the United States during the 2023 financial year.
Before the publication of Quebecor’s financial results, the board of directors declared on Wednesday a quarterly dividend of $0.325 per share on class A shares and class B shares, which will be paid on April 2.
Company cited in this dispatch: Quebecor (TSX: QBR. B)