Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) today reported revenue of NIS 8.72 billion for 2020, down 2.3% from NIS 8.93 billion in 2019. Fourth quarter revenue was Nis 2.20 billion, similar to the corresponding quarter of 2019. Bezeq reported that the fall in revenue was due to lower revenue at mobile phone unit Pelephone, ISP and international call company Bezeq International and satellite TV company Yes, which was offset partly by an increase in revenue in the landline unit.

Bezeq swung to a net profit in 2020 of NIS 796 million compared with a net loss of NIS 1.19 billion in 2019. Net profit in the fourth quarter was NIS 174 million compared with a net loss of NIS 87 million in the corresponding quarter of 2019.

Adjusted net profit in 2020 free of provisions was NIS 1.14 billion compared with NIS 913 million in 2019, a rise of 25.3%. Adjusted net profit free of provisions for the fourth quarter was NIS 277 million up 36.5% from NIS 203 million in the fourth quarter of 2019.

Bezeq chairman Gil Sharon said, “2020 was a strategic turning point for Bezeq Group with a massive focus on preparations for tactical developments in the telecom sector. Last year, and especially in the fourth quarter, Bezeq Group laid the foundations for the development strategy it will lead and take in 2021 in all areas of the Group’s activities. The merger being examined between Bezeq International and Yes, and the spinoff of the newly separated corporate integrator division, as well as the launch of fiber optical cables, are part of the strategic plan that we have been working on in recent months, which is fundamentally a transition to taking the initiative and leading the market in all areas.”

Published by Globes, Israel business news – en.globes.co.il – on March 25, 2021

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