Partner Communications Crosses 3 Million Subscriber Mark

By Benzinga
November 29, 2021 Updated: November 29, 2021

Partner Communications Co Ltd reported third-quarter FY21 revenue growth of 5 percent year-on-year to $259 million.
Service Revenues rose 6 percent Y/Y to $208 million, and Equipment Revenues declined 2 percent Y/Y to $ 51 million.

Partner exceeded the 3 million cellular subscribers for the first time in almost a decade and continued to reduce the churn rate to the lowest level since 2011.

“Partner has more than 200 thousand fiber-optic subscribers from over 660 thousand households in dozens of municipalities around the country that can connect to Partner’s fiber-optic network without delay,” CEO Avi Zvi said.

“By the end of 2022, Partner expects that approximately one million households will be able to connect and enjoy Partner’s fiber-optic experience across the country,” he added.

Adjusted EBITDA rose 23 percent Y/Y to $77 million. EPADS was $0.04.

Partner generated $69 million in operating cash flow and held $245 million in cash and equivalents. Net debt stood at $205 million.

Partner looks to issue debentures solely in Israel via a new series of debentures up to NIS 150 million and raising debt through commercial bank loan worth NIS 150 million.

Price Action

Partner Communications Co Ltd shares closed 1.16 percent higher at $6.12 on Monday.

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