Yahoo Finance TELUS (TU) to Boost 5G Infrastructure With C$6.6M Investment
TELUS Corporation TU recently announced a C$6.6 million private investment in the North Shore region of Quebec. This investment is supported by the additional investment of C$6.8 million from the government of Quebec and C$5.5 million from the Canadian Radio-television and Telecommunications Commission (“CRTC”).
The combined financial contribution will facilitate the implementation and upgrade of TELUS' PureFibre and 5G networks in the region. The investment will result in the addition of roughly 10 new 5G wireless sites, with the first spot being already activated near Lac Daigle north of Sept-îles.
By the end of this year, new 5G sites will be launched in Baie-Johan-Beetz, Sept-Îles and Aguanish, while additional sites in Baie-Comeau, Rivière-au-Tonnerre, Longue-Pointe-de-Mingan and Rivière-aux-Outardes are targeted for 2025.
Furthermore, the government of Quebec's investment, announced in April 2024 will support the development of a new site in Godbout, improving cellular coverage in the region. Planning and preparatory work for this site will commence in 2024, with the tower expected to become operational in 2025.
These investments reflect TELUS' broader commitment to Canada, as the company aims to invest C$73 billion across the country by 2028, including C$10 billion in the Quebec economy. This investment is dedicated to enhancing the coverage, speed and reliability of TELUS' premium quality network infrastructure, ensuring Canadians gain access to modern technology that connects them to the resources and information they need.
Apart from its infrastructure investments, TELUS has demonstrated its dedication to supporting local communities through its philanthropic initiatives. The TELUS Friendly Future Foundation has contributed approximately C$60,000 to various organizations in the North Shore region, focusing on projects that have a positive impact on local youth, such as the Maison des jeunes le Spoth de Chute-aux-Outardes, Maison des familles de Baie-Comeau and Mission EXEKO (Mingan, Pessamit and Sept-Îles).
This commitment to community involvement is a core part of TELUS' "We give where we live" philosophy, which aligns with the company's belief that business success and community engagement run parallel.
Vancouver, British Columbia-based TELUS is one of the leading telecom carriers in Canada (the largest in western Canada), with over C$20 billion in annual revenues and more than 19 million customer connections. TELUS provides wireless, wireline and Internet communications services for voice and data to businesses and consumers.
TELUS’ performance is being hampered by the sluggish TTech and DLCX segments. This led to a 0.6% contraction in first-quarter 2024 revenues amid wider global macroeconomic headwinds. However, it was partly balanced by higher demand for premium bundled offerings and strong customer retention efforts, resulting in total customer net additions of 209,000 in the reported quarter.
At present, TELUS carries a Zacks Rank #3 (Hold). The stock has lost 24% compared with the sub-industry’s decline of 14.6% in the past year.
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