SingTel (SGX:Z74)’s 1HFY24 (1 Apr to 30 Sep 2023) operating revenue and EBITDA fell 3.2% and 4.8% y-o-y to S$7.0b and S$1.8b respectively, dragged by an 8% depreciation of the Australian Dollar. In constant currency terms, operating revenue would have grown 1.5% while EBIDA would be stable.
Continued currency headwinds but 1HFY24 results were in-line
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On an underlying basis, PATMI increased 11.6% to S$1.1b, in-line with our expectations.
An interim core dividend of S$0.052 per share was declared, representing a 13% y-o-y increase and 77% of 1HFY24 underlying net profit. See SingTel's dividend dates.
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New growth engines drove the topline growth
Overall, we saw positive growth momentum in NCS, Digital InfraCo and across SingTel’s mobile business in Singapore and Australia, together with higher contributions from the regional associates. However, enterprise business was weaker in 1H24.
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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