- For 1HFY24, SingTel reported a higher underlying net profit of S$1.1b (+11.6% y-o-y), driven by higher contributions from its growth engines and regional associates.
- SingTel’s ROIC improved from 5% in FY22 to 8.3% in FY23 and is on track to hit low double-digit ROIC in the medium term, backed by the divestment of Trustwave and cost optimisation initiatives (S$600m by FY26).
- - Read this at SGinvestors.io -
Stable 1HFY24 results.
- SingTel (SGX:Z74)’s 1HFY24 (Apr to Sep 2023) overall group revenue (-3.2% y-o-y), EBITDA (-4.8% y-o-y) and underlying net profit (+11.6% y-o-y) are in line with our expectations, forming 46-47% of our full-year forecasts.
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- On a quarterly basis, 2QFY24 revenue (-3.7% y-o-y) and EBITDA (-1.7% y-o-y) were slightly lower y-o-y, dragged by weaker business sentiment and inflationary pressures.
- A S$600m cost-out programme was initiated, which would help support margins till FY26.
Higher dividend policy.
- Read more at SGinvestors.io.
