China Mobile credited profit and revenue growth in 2021 to a turnaround in its consumer market, with 5G subscribers more than doubling and ARPU inching higher.
In a statement, chairman Yang Jie noted the residential market reversed a downward trajectory with positive growth in 2021, with revenue from the unit increasing 1.4 per cent year-on-year to CNY483.4 billion ($75.8 billion).
Yang also noted revenue related to digital transformation projects became its largest revenue growth driver during the year and added the number of customers with both 5G plans and handsets, referred to as integrated benefits, increased by 112 million to reach 190 million.
Net profit improved 7.7 per cent to CNY116.1 billion. Operating revenue increased 10.4 per cent to CNY848.3 billion, with service revenue rising 8 per cent to CNY751.4 billion. Product sales increased 33.8 per cent to CNY96.8 billion.
The operator added 221.8 million 5G package customers (those on compatible service plans) to close the year with 386.8 million.
Total mobile subscribers increased 15 million to 956.9 million and ARPU by 3 per cent to CNY48.80
Sales from its digital transformation efforts, tied to new businesses and the consumer segment, rose 26.3 per cent to CNY159.4 billion, accounting for 59.5 per cent of total service revenue.
Its home, enterprise and new businesses revenue contributed 35.7 per cent of its total, up 4.3 percentage points.
Mobile cloud revenue expanded 114 per cent to CNY24.2 billion, with monthly active users up by 32.4 million to a total of 135 million.Subscribe to our daily newsletter Back