Singtel’s net profit soars 83% YoY to $2.14b in 1H24

The company attributed the increase to gains from Telkomsel’s integration of IndiHome.

Singtel ended the first half of the financial year 2024 (1H24) with an 83% YoY higher net profit of $2.14b. 

In a bourse filing, Singtel said “exceptional gain” from Telkomsel’s integration of IndiHome boosted its net profit in 1H24.

Singtel's underlying net profit also improved, increasing by 12% YoY to $1.12b. It would have risen by 16% if the $42m impact from the strong Singapore Dollar was excluded.

“The higher underlying net profit was driven by sustained growth momentum in mobile, NCS and Digital InfraCo, along with higher contributions from the regional associates and interest income from capital recycled,” Singtel stated.

On the flip side, Singtel's operating revenue declined 3% YoY to $7.03b due to the impact of weaker business sentiment on ICT sales.