Winnipeg Free Press

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This is a must see, these do not come up often! homes.winnipegfreepress.com Find the perfect Rogers navigating federal policies as Q4 profits rise T ORONTO — The chief executive of Rogers Communications Inc. says the company plans to “remain disciplined” this year amid a competi- tive telecom market, but could face challenges from Canada’s reduced im- migration targets and the tariff threat from the U.S. Amid the current political environ- ment, there “seems to be a sea of change here for the country,” Rogers president and CEO Tony Staffieri said Thursday as the company reported its fourth-quarter results. The three-month period ended Dec. 31 saw Rogers earn a fourth-quarter profit of $558 million, up from $328 million a year earlier, as its revenue edged higher. The company said its wireless service revenue was up two per cent, while wire- less equipment revenue rose nine per cent. Cable service revenue was stable. Staffieri told analysts on a conference call that Rogers’ 2025 outlook includes continued service revenue growth, but its wireless business would likely “con- tinue to be impacted by the number of newcomers to Canada.” Last fall, the federal government announced it was slashing immigra- tion targets. It now expects to bring in 395,000 permanent residents this year and 380,000 in 2026, both down from a previous forecast of 500,000. Ottawa also previously capped international student visas for both 2024 and 2025. Staffieri said Rogers is already feel- ing the effect of those policy changes, with fewer newcomers to Canada sign- ing up for its services. Its net increase in post-paid mobile phone subscribers totalled 69,000 for the fourth quarter of 2024, down sharply from 184,000 net additions recorded the same period last year. Combined with net prepaid additions, the company had 95,000 new mobile phone subscribers. “While this is down year-on-year, this was due to a much smaller market size as a result of government policies to reduce the ‘new-to-Canada’ category,” said Staffieri. Asked whether Rogers’ subscriber adds could be affected further if the Conservatives win the upcoming feder- al election and subsequently implement tighter immigration policies, Staffieri said the company is staying “prudent.” “It’s too difficult and speculative to try to guess if and when there is a new government and what their take and policies might be and how fast they implement,” he said. “If there is upside, then great. It’s good for the industry and good for Rogers, but we’ve taken a prudent approach based on what we have in front of us now.” The company said it’s readying for other potential challenges, including U.S. President Donald Trump’s threat of tariffs on Canadian goods, although Staffieri didn’t elaborate on how detri- mental a trade war might be to Rogers or the telecom and media sectors. “We think about, and have thought about, some of the broader macro- economic factors that could impact us, including some of the recent dis- cussions around tariffs with our U.S. neighbour,” he said. Rogers’ fourth quarter profit amount- ed to $1.02 per diluted share, up from 62 cents per diluted share in the last three months of 2023. Revenue totalled $5.5 billion, up from $5.3 billion a year earlier. Media revenue rose 10 per cent to $616 million, primarily as a result of higher sports- and entertainment-related rev- enue. While that was lower than the company expected, Desjardins analyst Jerome Dubreuil said in a note it beat consensus estimates of $577 million. Rogers said credit for the increase partially belongs to Taylor Swift’s six Eras Tour concerts in Toronto, which she performed in November at Rogers Centre. “Thanks, Swifties,” Dubreuil wrote. Rogers shares closed at $41.46 in To- ronto on Thursday, up 18 cents. On an adjusted basis, Rogers said it earned $1.46 per diluted share in its latest quarter, up from an adjusted profit of $1.19 per diluted share. Ana- lysts on average had expected a profit of $1.36 per share, according to LSEG Data & Analytics. Rogers’ monthly churn for net post- paid mobile subscribers — a measure of those who cancelled their service — was 1.53 per cent, down from 1.67 per cent during its previous fourth quarter. Meanwhile, Rogers’ mobile phone average monthly revenue per user was $58.04, up from $57.96 in the fourth quarter of the prior year. Scotiabank analyst Maher Yaghi said effective cost reductions shielded the company’s bottom line despite the slow- down in wireless customer additions. However, he said investors are keen to find out more about two pending transactions that have yet to close: Rog- ers’ $4.7-billion deal to acquire rival BCE Inc.’s 37.5 per cent stake in Maple Leaf Sports & Entertainment, along with its own $7 billion sale of a minor- ity stake in a portion of its wireless net- work infrastructure. — The Canadian Press SAMMY HUDES Dubai International Airport logs record 92.3M passengers in 2024 DUBAI, United Arab Emirates — Dubai International Airport, the world’s busiest for international travel, saw a record 92.3 million passengers pass through its terminals in 2024, officials announced Thursday. The result cements Dubai’s bounce- back from the coronavirus pandemic, surpassing the record set in 2018 for the first time. Today, the airport feels like it’s bursting at the seams with air- craft movements and crowds moving through its cavernous terminals. Authorities plan to move operations in 2032 to the city-state’s second airport after a nearly US$35 billion upgrade. Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, first announced the new passenger figure on X. The state-owned airport is home to the long- haul carrier Emirates, which powers the network of state-owned and state- linked businesses known as “Dubai Inc.” “Dubai is the airport of the world … and a new world in the aviation sector,” Sheikh Mohammed wrote. Speaking with The Associated Press, Dubai Airports CEO Paul Griffiths pointed to the fact the airport had served more than 700 million passen- gers over the last decade — closing in on twice the population of the United States. The 2024 result “is not only a record for us, of course, but as the No. 1 airport in the world, it’s a new world record for international passengers through any airport in the world,” Griffiths said. “And the great thing is that’s with two runways on a very limited geographical footprint, which hasn’t really changed at all.” In 2023, the airport, known as DXB, had 86.9 million passengers. Its 2019, traffic was 86.3 million passengers. It had 89.1 million passengers in 2018 — its previous busiest year before the pandemic, while 66 million passengers passed through in 2022. In 2024, India remained the top des- tination market for DXB, with 12 mil- lion passengers. Saudi Arabia followed with 7.6 million and the United King- dom at 6.2 million. DXB and Al Mak- toum International Airport, known as DWC, serve 106 airlines flying to 272 cities in 107 countries across the world. A real-estate boom and the city’s highest-ever tourism numbers have made Dubai a destination as well as a layover. However, the city is now grap- pling with increasing traffic and costs pressuring both its Emirati citizens and the foreign residents who power its economy. Dubai plans to move its airport oper- ations to Al Maktoum International Airport, about 45 kilometres away from DXB. The airport, which opened in 2010 with one terminal, served as a parking lot for Emirates’ double-decker Airbus A380s and other aircraft during the pandemic. But since then, it has slowly returned to life with cargo, com- mercial and private flights. It also hosts the biennial Dubai Air Show and has a vast, empty desert in which to expand. Griffiths said authorities plan to move Emirates, its low-cost sister air- line FlyDubai and others to DWC by 2032. Computer-rendered images show the facility as having a curving, white terminal reminiscent of the traditional Bedouin tents of the Arabian Peninsula. Plans call for it to have five parallel runways and 400 aircraft gates. With DXB already having so-called smart gates that can do facial recog- nition to speed passengers through immigration, Griffiths said building DWC offered an opportunity to rethink traditional airport designs of separate locations for ticketing, security and other checks. It should be “a bit like a really well-de- signed railway station — you should arrive at the airport, face recognition through the gate and immediately you are at leisure,” he said. “You can shop, you can dine, you can go into a lounge. You’ve got more time, which hopefully will turn into more income for the air- port and will pay for the processes and the reengineering.” Dubai’s passenger numbers have been ahead of its traditional rival for international travel, London’s Heath- row Airport, for a decade now. On Wednesday, the U.K. government backed construction of a third runway at Heathrow, a decades-long debate for the airport. However, Griffiths said that he re- mained confident Dubai would remain ahead. “I wouldn’t mind betting that when DWC Phase 2 opens, they’ll still be talking about Heathrow runway three and no spade will have gone into the ground,” he said. — The Associated Press JON GAMBRELL KAMRAN JEBREILI / THE ASSOCIATED PRESS FILES Passengers leave the baggage handling hall at Dubai International Airport’s terminal 3 in United Arab Emirates. Wall Street expects airlines to see sustained demand for travel NEW YORK — Airlines expect a strong tailwind from travel demand in 2025, even though carriers could be hedged in by capacity issues. United Airlines, Delta Air Lines and several other U.S.-based carriers have all given investors strong forecasts for the year. Wall Street expects major airlines to increase revenue and profit in 2025. Lower jet fuel prices have also helped brighten those forecasts. Delta CEO Ed Bastian said the airline is already on track for the best “financial year” in its history. “The U.S. consumer is financially healthy and continues to prioritize spending on experiences,” he said, following the airline’s latest quarterly earnings report. Consumer spending remained strong across most goods and services in 2024. Air transportation was among the stronger categories, with spending increasing each month through November, according to the data on personal consumption expendi- tures. Airlines were among 2024’s biggest gainers on Wall Street, with Delta’s stock rising 50 per cent and United Airlines more than doubling. Most airline stocks have continued gaining ground into 2025, along with expectations for profit growth. Still, the industry faces supply chain problems that have crimped capacity. “The capacity challenges of 2024 will continue into 2025 and indeed through to 2026 as airlines struggle with the fallout from maintenance, repair, and overhaul issues and production delays from major aircraft manufacturers,” said John Grant, chief analyst at travel data company OAG. Airlines and airplane makers face broad supply chain delays for parts. Boeing remains one of the biggest drags for the sector. The beleaguered airplane maker continues to face production issues and said it incurred nearly US$3 billion worth of charges in the fourth quarter of 2024. It faced a strike by the machinists that halted production at several facilities. Wall Street expects profit growth of 23 per cent for Delta in 2025. Analysts expect United Airlines’ profit to grow about 24 per cent and American Airlines profit to rise 23 per cent. — The Associated Press ;