The country’s largest telecom provider has announced that it will increase the price it charges customers for its telephone, internet and television distribution services. The news comes just two weeks after Proximus’ main competitor in Flanders, Telenet announced a 6% increase in the price of its subscriptions from June. Although, turnover was up during the first quarter of 2023, Proximus’ profits are under pressure.
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Proximus’ prices to increase for the second time this year
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During the first quarter of this year Proximus had an underlying group turnover of 1.49 billion euro. This was 5.9% higher that during the same period last year and more than had been expected by analysts.
However, rising costs meant that the Proximus Group’s first quarter gross profits fell to 432 million euro. The group's net profits were 94 million euro, a fall of more than a fifth on the first quarter of 2022.
Price increases
Proximus’ CEO Guillaume Boutin is satisfied with the results and is hopeful that Proximus will achieve its financial objectives this year. During Friday morning’s press conference Proximus announced what will be the second price increase of the year. On 1 January the company increased its prices by between 4% and 6%.
The company’s press release says that the significant impact of inflation on the domestic market means that the price of “selected domestic and business pricing plans” will increase in the second half of the year.