StarHub net profit rises 8.1% to $40.1m in 1Q24

Higher service revenue growth propelled the profit increase.

The net profit attributable to shareholders of StarHub rose by 8.1% YoY to $40.1m in 1Q24 on the back of higher service revenue growth.

In 1Q24, the company’s services revenue grew 1.9% YoY to $458.9m, driven by contributions from the Enterprise segment.

Within the Enterprise segment, Cybersecurity Services, which saw a 37% YoY growth, and Network Solutions, which saw a 5% YoY revenue increase, drove growth.

On the other hand, the company’s mobile, broadband, and entertainment revenues declined in 1Q24.

Mobile revenue fell 4.6% YoY to $145.2m, whilst broadband revenue dropped by 0.9% YoY to $61.4m.

The lower revenue is likely due to the decline in StarHub’s postpaid mobile average revenue per user (ARPU), which fell $1 YoY to $31. 

Despite a $2 YoY higher ARPU, entertainment revenue still fell 4.2% YoY to $54.7m.