06:41 AM EDT, 05/09/2024 (MT Newswires) -- Quebecor (QBR-A.TO, QBR-B,TO) on Thursday reported a nearly 20% increase in first-quarter adjusted income, driven by higher revenues from the telecommunications business segment following the acquisition of Freedom Mobile in 2023.

First-quarter adjusted income from operating activities came in at $163.1 million, or $0.71 per share, up from $136 million, or $0.59 per share. Net income attributable to shareholders increased to $173.2 million, or $0.75 per share, from $120.9 million, or $0.52 per share.

Revenues also jumped 22% to $1.36 billion from $1.12 billion, while adjusted EBITDA rose 26% to $559.5 million from $442.8 million.

The telecommunications segment reported a nearly 28% rise in revenues and a 21% increase in adjusted EBITDA, reflecting the contribution of the Freedom Mobile acquisition. Quebecor's telecommunications unit Videotron acquired Freedom Mobile from Shaw Communications on April 3, 2023, for $2.07 billion in cash.

In addition, Quebecor's board appointed Sylvie Lalande as chair, succeeding Brian Mulroney, who passed away on Feb. 29. Andre Brosseau was appointed vice chair of the board.

Quebecor fell 0.9% to $28.75 per share on Wednesday.