Rogers Communications (TSX:RCI.A) Reports 8% YoY Revenue Drop in 2020

2 min read | January 28, 2021 10:03 AM EST | By Kunal Sawhney

Rogers Communications (TSX:RCI.A) Reports 8% YoY Revenue Drop in 2020

Rogers Communications (TSX:RCI.A) Financial Results

As travel restrictions amid the pandemic ate into its profits generated from roaming services, Rogers Communications saw its revenue slide by seven per cent to C$ 3.68 billion in the fourth quarter ending 31 December 2020. Its revenue from the cable segment was up three per cent YoY in Q4 2020, while its media revenue dropped 23 per cent YoY.

Its total revenue for the full year of 2020 stood at C$ 13.9 billion, down eight per cent YoY.

The Toronto-headquartered enterprise reported a four per cent YoY jump in its consolidated adjusted EBITDA of C$ 1.59 in the latest quarter.

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Net income dwindled by about four per cent YoY to C$ 449 million in Q4. In the full year of 2020, this number was down 22 per cent YoY to C$ 1.59 billion.

The company generated a cash flow of C$ 947 million from operating activities in Q4 2020, which was down 19 per cent due to increased net working capital and cash income taxes.

Rogers Communications reported an available liquidity of C$ 5.7 billion as of 31 December 2020. The sum included C$ 2.5 billion worth of cash and cash equivalents along with C$ 3.2 billion available under its bank credit facility and receivables securitization program.

The media firm, which declared a quarterly dividend of C$ 0.5 on Wednesday, also recorded paying C$ 253 million in dividends in the fourth quarter.

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