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Singtel net profit up 22.6%, boosted by net gain from Airtel stake

10 Nov 2022

Singapore-based Singtel Group booked a net profit of SGD1.170 billion (USD835.5 million) for its fiscal half year ended 30 September 2022, up 22.6% from SGD964 million in the corresponding period of 2021, as it benefited from a net exceptional gain from the Group’s partial divestment of its stake in Airtel compared to a net exceptional loss the previous year. Operating revenue for the six-month period was down 5.1% to SGD7.229 billion from SGD7.653 billion, ‘due to adverse currency effects and the absence of revenue from NBN migration and Amobee’. Group EBITDA, meanwhile, dipped 2.6% to SGD1.878 billion as the EBITDA margin improved 0.7pp to 25.9% and operating income (EBIT) climbed 7.2% to SGD1.736 billion from SGD1.619 billion. In a press release, Singtel noted: ‘However, EBIT (excluding associates’ contributions) rose 1.2% as Amobee’s loss was no longer consolidated and depreciation charges fell after the sale of Australia Tower Network Pty Limited (ATN) in November 2021. On an underlying basis, operating revenue would have grown 4.3% while EBITDA would be up 2.8% on the back of continued roaming recovery from the broader relaxation of COVID-19 restrictions.’ Group CAPEX for the half year stood at SGD1.065 billion, compared to SGD1.103 billion in the corresponding period of 2021.

The Group’s total subscription base stood at 773 million at 30 September 2022, up from 764 million year-on-year. Further, the Group noted that regional associates’ post-tax profit contributions grew 8.2% y-o-y with continued strong performance by Airtel.

Singapore, Singtel Group

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