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Rogers’ Q4 Profit Rises 25% To $508 Million

Rogers Communications’ (RCI) fourth-quarter profit increased 25% to $508 million as its revenue grew 6% in the October through December period.

The Toronto-based telecommunications company said that its Q4 2022 profit amounted to $1 per share, up from 80 cents per share in the same period of 2021. Revenue totalled $4.17 billion, up from $3.92 billion a year earlier.

Rogers is currently involved in a $26 billion deal to buy rival Shaw Communications (SJR). The deadline to conclude that transaction, which requires the blessing of the federal government in Ottawa, was recently extended to February 17.

Federal Industry Minister François-Philippe Champagne must approve Rogers purchase of Shaw, along with the transfer of wireless spectrum licenses from Shaw to Videotron as part of the deal. It is not clear when or if the minister will approve the deal.

Rogers’ stock is down 1.35% over the last 12 months at $64.40 per share.