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China Unicom announces 2018 Annual results

Financial results News - Published on Thu, 14 Mar 2019

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China Unicom announced its 2018 annual results. 2018 was China Unicorn’s first full year of the implementation of mixed-ownership reform. Over the past year, the Company engaged in active implementation of its new development philosophy, as it deepened the execution of the Strategy of Focus, Innovation and Cooperation. It proactively advanced Internet-oriented operations, while comprehensively deepening mixed-ownership reform. There were notable enhancements in the momentum, quality and efficiency of our development and in our corporate vibrancy. Mr Wang Xiaochu, Chairman and CEO of China Unicom, said “Looking ahead, the mixed-ownership reform has powered up the Company with differentiated advantages, bringing invaluable opportunities for development. We endeavour to chart new heights in China Unicorn’s “Five New” establishment and high quality development. We intend to unleash more institutional benefits brought by New Governance, activate greater internal vibrancy with New DNA, achieve better efficiency and returns with New Operation, tap into the broader blue ocean with New Energy, and put together greater synergetic advantages with New Ecology.”

The Company continued to report remarkable growth in operating results for 2018. Service revenue for the full year amounted to RMB263.7 billion, representing a 5.9% year-on-year growth which outperformed the industry average growth rate of 3.0%. EBITDA amounted to RMB84.9 billion, up by 4.3%, year-on-year. Profit before income tax5 reached RMB13.1 billion and profit attributable to equity shareholders of the Company increased by 458%, year-on-year, to RMB10.2 billion, extending the “V-shaped” rebound in profit.

The Company persisted in enhancing network efficiency through precise investment, sharing and cooperation. While maintaining the edges of our network, the full year capital expenditure continued to be under effective control at RMB44.9 billion. Thanks to the sustainable growth in revenue and sound control in expenditure, the Company registered the record high again in free cash flow in the amount of RMB47.5 billion.

The Company attached great importance to shareholders’ returns. With due regards to the Company’s profitability, debt and cash flow level, capital requirements for its future development etc., the Board of Directors recommended the payment of a final dividend of RMBO 134 per share. Going forward, the Company will continue to strive to enhance its profitability and shareholders’ returns.

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Posted By : TelecomGuru on Thu, 14 Mar 2019
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