Kcell JSC Results for January – December 2020

Almaty, 8 February 2021 – Kcell Joint Stock Company (“Kcell” or the "Company") (LSE, KASE: KCEL; AIX: KCEL, KCEL.Y), the leading provider of mobile telecommunications services in Kazakhstan, announces its results for January – December 2020.

Fourth quarter

  • Net sales increased by 15.7 percent to KZT 49,168 million (42,487). Service revenue increased by 4.0 percent to KZT 36,927 million (35,511); service revenue excluding off-net bulk sms up 7.6 percent.
  • EBITDA, excluding non-recurring items, increased by 22.8 percent to KZT 19,269 million (15,698), with EBITDA margin of 39.2 percent (36.9).
  • Operating income, excluding non-recurring items, increased by 29.5 percent to KZT       11,220 million (8,666).
  • Net finance cost decreased by 11.0 percent to KZT 2,277 million (2,557).
  • Net loss amounted KZT 84 million, as a result of the accruals of provisions associated with potential costs on contractual obligations. In the fourth quarter of 2019, net income amounted to KZT 5,078 million.
  • CAPEX-to-sales ratio of 40.0 percent (33.0).
  • Free cash flow was stable and amounted to KZT 5,861 million (5,907).
  • During the reporting quarter the total number of subscriptions grew to 8,055 thousand (8,040 at the end of third quarter).

Full year

  • Net sales up 11.5 percent to KZT 174,684 million (156,657). Service revenue increased by 1.8 percent to KZT 140,049 million         (137,564), service revenue excluding off-net bulk sms grew by 3.8 percent.
  • EBITDA, excluding non-recurring items, increased by 12.1 percent to KZT 72,147 million (64,364). EBITDA margin was 41.3 percent (41.1).
  • Operating income, excluding non-recurring items, up 22.6 percent to KZT 41,283 million (33,661).
  • Net finance cost decreased by 9.8 percent to KZT 9,453 million (10,479).
  • Net income increased by 75.5 percent to KZT 17,578 million (10,015).
  • CAPEX-to-sales ratio of 15.4 percent (12.9).
  • Free cash flow increased by 31.1 percent KZT 28,705 million (21,900).
  • The number of subscribers totalled 8,055 thousand (8,275).

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