China Mobile (941) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first three quarters of 2024 reached RMB791.5 billion, up 2.0% year-over-year.

• Profit attributable to equity shareholders rose 5.1% year-over-year to RMB110.9 billion.

• Mobile customers totaled 1,004 million, with 5G network customers at 539 million as of September 30, 2024.

• Wireline broadband customers reached 314 million, with a net increase of 15.36 million in the period.

• The company advanced its “1-2-2-5” strategy, focusing on digitalization, AI, and smart infrastructure.

Financial highlights

• Operating revenue increased to RMB791.5 billion from RMB775.6 billion, a 2.0% year-over-year rise.

• Telecommunications services revenue grew 2.0% to RMB678.0 billion.

• EBITDA declined 2.0% year-over-year to RMB263.1 billion, with margin at 33.2%.

• Profit before taxation was RMB142.5 billion, up 3.4% year-over-year.

• Earnings per share (basic) rose to RMB5.18 from RMB4.94 year-over-year.

Outlook and guidance

• The company aims to accelerate digital-intelligent transformation and high-quality growth.

• Plans to deepen the “1-2-2-5” strategy and enhance core competencies.