Simba parent Tuas full-year profit surges to S$26 million on subscriber growth

Tuas, the parent company of Simba Telecom, reported a significant surge in its full-year net profit to S$26 million, up 277% from S$6.9 million in the previous year. This growth was driven by an increase in subscribers and a broader range of plans, expanding its customer segment. Revenue also rose 24% to S$187.6 million. Basic earnings per share increased from S$0.0148 to S$0.0478, while underlying earnings before interest, taxes, depreciation, and amortisation grew by 22% to S$83.8 million.

Despite the suspension of the failed M1 acquisition from Keppel due to unauthorized spectrum usage, the company remains cooperative with the IMDA and awaits their decision. The board has raised S$364.5 million through placements and a share purchase plan, but the use of these funds is currently undecided. The company expects to incur incremental capital and operating expenditure of S$15 million to S$30 million for the upcoming year to meet cybersecurity requirements and develop new innovative products.

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