Israel’s Bezeq Telecom raises 2022 net profit estimate

JERUSALEM: Bezeq Israel Telecom on Monday raised its estimate for adjusted 2022 net profit to 1.1-1.2 billion shekels ($325-$354 million) from a prior forecast of 1.0-1.1 billion, as it expects to reach more homes with its fibre optics network.

Bezeq, Israel’s largest telecoms group, projects reaching 1.5 million homes with its fibre network in 2022, up from 1.4 million previously, it said in a regulatory filing in Tel Aviv.

Previously a government monopoly, Bezeq had been locked in a long battle with the industry regulator over the terms of its fibre deployment. It eventually reached a deal where it did not have to cover 100% of the country and it began to deploy its network in March of 2021.