Singtel net profit more than doubles to reach $954m

Operating revenue also grew by 3% to $7.65b.

Singtel posted a net profit that reached $954m for the first half of 2021. 

Operating revenue for the period also increased by 3% to $7.65b due to higher mobile service revenue in Australia and ICT growth from higher digital services revenue for NCS.

“This first-half performance underscores our ongoing strategic reset to develop new growth engines in ICT and digital services. The pandemic has provided tailwinds of digitalisation that we are leveraging to rebuild our business during this crisis and we continue executing to this strategy by enhancing NCS’ digital capabilities in cloud and data and growing our digital infrastructure to innovate our way through this disruption,” said Singtel Group CEO Yuen Kuan Moon.

According to the press release, NCS has changed its revenue mix in the first half, with its digital revenue growing by 36%. Overall, this translated a total of 48% of total revenue. 

Previously, Singtel announced plans to create a regional data centre business, with discussions currently in place to build new data centres in Thailand, Indonesia, and the surrounding region. The group has also secured a site near its existing Tuas cable landing station for an integrated cable landing and data centre facility. 

“We are making headway in our other strategic priorities, including the rollout of commercial 5G services and unlocking the value of our infrastructure assets with the partial divestment of Australia Tower Network which operates Optus’ passive telecommunications tower infrastructure. Whilst COVID-19 uncertainties linger, we remain focused on extending our leadership in 5G to drive growth across our core and new business by taking advantage of emerging technologies and continued disruption,” added Yuen.