Starhub net profit up 17% YoY to $148.3m for FY2021

Performance for the same period also exceeded the Group’s expectations. 

Starhub saw a net profit attributable to shareholders increase by 17% year-on-year (YoY) to $148.3m for the financial year (FY) 2021. 

According to a press release by the group, the recorded performance was due to a higher revenue of $2.01b. 

The group also surpassed expectations across the service revenue with a growth of 1.4% YoY; service earnings before interest, taxes, depreciation margin (EBITDA), 29.8%, higher than the updated guidance of at least 26% in February; and capital expenditure commitment levels—3.7% of total revenue in FY2021, going beyond the expected 7% to 9% in August 2021 and 9% to 11% in February 2021. 

All in all, a Free Cash Flow of $484.6m, or a 25% YoY increase, was recorded for the period.

The same growth was also seen across the various sectors held by the group. Performance for the consumer sector was up by 10.4% YoY growth, due to growth in Broadband revenue, strong sequential quarterly growth for postpaid mobile, and continued momentum in entertainment. 

On the other hand, the Enterprise segment accumulated 9.4% YoY growth in FY2021 due to a revenue of $268.5m from Cybersecurity Services. Factors for this include the first full year consolidation of Strateq under the Regional ICT services segment, which includes $75.8m in revenue. Lower operating expenses were also seen through improved efficiencies and ongoing digitalisation. 

Nikhil Eapen, CEO, Starhub, also attributed growth to DARE+, strong 5G adoption and the Infinity Play product and digital engagement strategies.