Rogers profit surged 30% in 1st quarter before taking control of Shaw
Global News
Rogers Communications Inc. saw its profit increase by 30 per cent to $511 million in its most recent quarter as it prepared to close a deal to buy Shaw Communications Inc.
Rogers Communications Inc. saw its profit increase by 30 per cent to $511 million in its most recent quarter as it prepared to close a deal to buy Shaw Communications Inc.
The first quarter, which ended March 31, marks the last period before Toronto-based telecommunications giant Rogers combines with Shaw, which it purchased in March 2021 for $26 billion.
The two companies only got final government approval for the deal to move forward earlier this month, after agreeing to several terms including selling Shaw’s wireless business, Freedom Mobile, to Quebec-based Videotron.
In the three weeks since the transaction was closed, Rogers chief executive Tony Staffieri said he’s been focused on delivering $1 billion in synergies over the next two years, increasing capital investments in its and driving more competition and choice for customers, especially those in Western Canada.
“There’s lots of work to do, but I am very encouraged with the energy and excitement that I have seen in both the east and west as we bring these two strong companies together,” he said on a Wednesday call with analysts.
He added that he has spent much of the last month in the west, meeting with Rogers staff, customers and local governments and plotting further moves that will integrate Shaw.
He shared in mid-April that Rogers will relocate around 300 Shaw call centre jobs based overseas to B.C., Alberta and Manitoba – part of Rogers’ commitment to have a customer service team completely based in Canada.
As part of a set of conditions Ottawa attached to its approval of the merger with Shaw Communications Inc., Rogers must create 3,000 new jobs in Western Canada and establish a second headquarters in Calgary.
