Tuas (TUA) H2 2024 earnings summary

Executive summary

• Revenue grew 36% year-over-year to SGD 117.1 million, with EBITDA up 60% to SGD 49.7 million and net loss narrowing to SGD 4.4 million from SGD 15.3 million.

• Achieved positive cash flow for the first time, ending with SGD 55.3 million in cash and term deposits.

• Surpassed 1.05 million active mobile subscribers by end-FY24, a 29% increase year-over-year.

• Launched a competitive 10 Gbps fiber broadband service, reaching over 4,000 customers by year-end.

Financial highlights

• Revenue increased to SGD 117.1 million from SGD 86.1 million in FY 2023, driven by subscriber growth.

• EBITDA margin improved to 42% of revenue, up from 36% in FY23, driven by subscriber growth and expanded plan mix.

• Net cash from operating activities was SGD 59.99 million; major outflows were SGD 48 million for network and broadband infrastructure.

• Mobile ARPU rose to SGD 9.68 from SGD 9.37 year-over-year.

Outlook and guidance

• CapEx for FY 2025 expected at SGD 45-55 million, focused on 5G expansion, 4G upgrades, and fiber rollout.

• Targeting full-year positive NPAT in FY25.

• Continued emphasis on broad-based mobile subscriber growth and acceleration of fiber broadband business.