- TELUS (T) has reported its operational and financial results for the first quarter of 2021, which includes promising year-over-year growth in several areas as well as several new investments
- Income increased 8.9 per cent to $40 billion, and adjusted EBITDA went up 1.9 per cent compared to Q1 2020
- The company also saw growth in its health services sector despite facing challenges brought on by the pandemic; the number of virtual care patients nearly tripled in 2020 to two million
- In 2021, TELUS plans to invest approximately $750 million in capital investments including fibre optic and 5G networks
- TELUS (T) is up 0.34 per cent and is trading at $26.21 per share
TELUS (T) achieved strong operational and financial results in the first quarter.
- Growth in the company’s subscriber base for both fixed data and mobile services;
- Expanded service offerings;
- Growth from business acquisitions; and
- Enhanced cost-efficiency programs
Darren Entwistle, President and CEO of TELUS, commented,
“Our continued execution excellence, realized against the backdrop of an unprecedented operating environment, was characterized by the ongoing combination of robust, high-quality and profitable customer growth, alongside strong financial results across our business.”
The company has continued to strive for growth despite the challenges brought on by the pandemic in 2020.
Despite offsets seen from the pandemic in many of the operations of TELUS Health, the company saw revenue increase 9.8 per cent in that area, up $11 million in the first quarter.
In addition, the number of virtual care patient members has risen 1.3 million since the beginning of 2020 to approximately two million members served by TELUS virtual health services.
Mr. Entwistle remarked,
“We are confident that the increased healthcare related disclosure, which we are introducing today, will provide meaningful insight into the valuable asset we are creating as a world-leading provider of digital healthcare technology solutions.”
In 2021, TELUS plans to invest approximately $750 million in capital investments, including bringing fibre optic and 5G networks to British Columbia, Alberta, and eastern Quebec.
TELUS (T) stock price is up 0.34 per cent and is trading at $26.21 per share as of 9:58 am ET.
