Tuas (TUA) H1 2025 earnings summary

Executive summary

• Achieved maiden half-year net profit after tax of SGD 3.0 million, reversing a prior year loss of SGD 3.5 million, with strong cash generation and operational leverage.

• Revenue rose 34% year-over-year to SGD 73.2 million for H1 FY2025, driven by robust growth in mobile and broadband subscribers.

• EBITDA increased 48% to SGD 33.1 million, with margin improving to 45%.

• Subscriber base expanded to 1.16 million mobile and over 14,000 broadband users, supported by competitive pricing and expanded offerings.

• Launched 10Gbps Fibre Broadband, expanded 5G coverage to over 90% outdoor in Singapore, and introduced new APAC Roaming Tier.

Financial highlights

• Revenue reached SGD 73.2 million (up 34% year-over-year); core mobile and broadband revenue at SGD 73.1 million.

• EBITDA was SGD 33.1 million (up 48%), with margin at 45%.

• Net profit after tax was SGD 3.0 million, reversing a prior year loss of SGD 3.5 million.

• Net cash from operating activities was SGD 41.8 million; cash and term deposits at SGD 73.1 million at period end.

• ARPU for H1 FY2025 was SGD 9.62.

Outlook and guidance

• Focus on broad-based mobile subscriber growth, expansion of acquisition channels, and broadband market share.

• CapEx guidance for FY2025 set at SGD 50–55 million, mainly for 5G expansion, 4G upgrades, and fiber broadband rollout.

• On track to achieve full-year net profit after tax and meet IMDA’s next 5G coverage milestone by December 2026.