Singtel’s net profit soars to S$994.5m in H2

This is up from 87.6m in the same period last year.

Singtel reported its net profit grew to S$994.5m in the second half of the year, up from S$87.6m in the same period last year. 

In the year ended March 2022, the company also saw its net profit more than double to S$1.95b, compared to S$553.7m. 

“This improved set of results underscores the Group’s resilience in spite of the pandemic’s challenges and the uncertain macro environment. Our mobile business in Australia and our regional associate Airtel capped the year with solid performances to deliver good results,” Yuen Kuan Moon, Group CEO, said.

“Roaming revenues are showing early signs of recovery with the return of business and leisure travel, and NCS experienced strong demand from the accelerated push by government and enterprises to digitalise. We expect this momentum to continue into the new financial year.”

Operating revenue slipped 6.48% to 7.68b in the second half, and by 2% to S$15.34b in 2022. The earnings before interest, tax, depreciation, and amortisation (EBITDA), meanwhile dropped 2% to S$3.77b in 2022. 

Singtel noted this reflected the lower National Broadband Network (NBN) migration revenue as well as the sustained impact of the health crisis, and challenges in the carriage business. 

Excluding NBN migration revenue and Jobs Support Scheme (JSS) credits, the Group said its operating revenue was stable, with EBITDA and EBIT1 growing 8% and 33% respectively, driven by strong growth in mobile service in Australia

“The partial divestment of Australia Tower Network is an integral part of our active capital management approach to unlock value from quality assets, and we expect to identify opportunities to recycle up to S$3b in assets in the mid-term,” Yuen said. 

“This keen focus on returns-driven growth will enable us to invest in our growth businesses while maintaining a strong balance sheet and delivering sustainable returns for shareholders. We have also put in place measures to mitigate inflationary pressures.”