Singtel reports improvement in first-half profit and revenue

11 Nov 2021

Singtel Group has published its financial results for its fiscal first-half ended 30 September 2021, highlighting improved profitability as its underlying business increased on the back of ‘accelerated digitalisation and a resumption in economic and business activity across the region’. The Singapore-based carrier said underlying net profit increased by 17.4% year-on-year to SGD983 million (USD728.5 million), fuelled by a strong performance from regional associate Bharti Airtel, whilst ‘lower exceptional losses’ helped deliver a more than doubling in net profit for the six-month period to SGD954 million. Operating revenue, meanwhile, increased by 3.1% to SGD7.653 billion driven by higher mobile service revenue in Australia (Optus) and strong ICT growth from higher digital services, and six-month EBITDA rose by 1.3% on an annualised basis to SGD1.929 billion – although the EBITDA margin slipped 0.4 percentage points to 25.2%. Singtel closed out September with an aggregate mobile subscription base of 764 million, up from 744 million six months earlier.

Commenting on the Group’s first-half performance, Mr Yuen Kuan Moon, Singtel Group CEO, said: ‘Despite continued COVID-19 uncertainty and structural challenges in the industry, we’ve entered an improved period of recovery that’s seen business activity return. Our resilient set of results attest to this as well as reflect the strength of our diversified portfolio. Optus continued making steady gains in its mobile business while positive momentum is building across NCS and our data centre services as enterprises accelerate their digital transformation efforts.’ He added: ‘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.’

Singapore, Singtel Group