Telefónica has improved its profit in the year of the pandemic by 38.5%, to 1,582 million euros.

The operator has achieved better results even with a decrease in income, which amounted to 43,070 million euros in 2020, 11% below the turnover of the previous year.

The company chaired by José María Álvarez-Pallete has also decided to cut its dividend to shareholders for 2021 by 25%, from 0.40 to 0.30 euros, maintaining the scrip dividend or flexible dividend formula.

This remuneration for next year would be paid in two tranches: 0.15 euros per share in December 2021 and 0.15 euros per share in June 2022.

Telefónica has managed to boost its commercial activity in the last quarter, has generated cash of 4,794 million euros and has continued to reduce its net financial debt, which in 2020 has been reduced by 2,500 million and has decreased by around 17,000 million in the last four years.

In fact, the telecommunications company expects to reduce the debt by another 9,000 million euros if its two most recent large operations (merger in the United Kingdom and sale of Telxius towers) obtain the approval of the authorities, with which the debt it would drop to 35,000 million.

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