True Corporation Public Company (TRUE) Q2 2024 earnings summary

Executive summary

• Achieved six consecutive quarters of EBITDA growth, with Q2 2024 EBITDA up 9% year-over-year to THB 24.3 billion and normalized net profit at THB 2.4 billion, nearly triple the previous quarter.

• Service revenue grew 5.7% year-over-year, driven by mobile and online segments, with 0.6% quarter-over-quarter growth.

• Network modernization advanced, with 42% of sites upgraded and 7,100 sites completed since amalgamation.

• Maintained leadership in 5G coverage and subscriber base, with 99% coverage in key regions and 92% nationwide.

• Recognized as the most sustainable telecom company globally for the sixth consecutive year by DJSI.

Financial highlights

• Service revenue up 5.7% year-over-year and 0.6% quarter-over-quarter.

• EBITDA grew 9% year-over-year (15.5% normalized), and 3.1% quarter-over-quarter; EBITDA margin to service revenue improved to 58.6%.

• Normalized net profit of THB 2.4 billion, up from THB 0.8 billion in Q1; reported net profit impacted by THB 4.3 billion one-time impairment.

• Total revenue for six months ended 30 June 2024 was Baht 102,437.87 million, up from Baht 66,794.23 million year-over-year.

• Net debt reduced by THB 27 billion year-over-year to THB 435 billion.

Outlook and guidance

• Upgraded 2024 service revenue growth guidance to 4–5% (from 3–4%) and EBITDA growth to 12–14% (from 9–11%).

• CapEx guidance maintained at THB 30 billion for 2024.

• Normalized profit expected to remain positive for 2024, excluding impairment impacts.

• Dividend consideration possible in 2025, contingent on profitability and cash flow.

• Management expects continued focus on core telecom segments and ongoing integration post-amalgamation.