Tuas Limited profit surges to S$26 million amid subscriber growth

Tuas Limited, the Australian-listed parent company of Simba Telecom, reported a significant increase in full-year net profit, which rose to approximately S$26 million. This represents a 277 per cent increase from the previous year. Revenue for the period grew by 24 per cent to S$187.6 million, driven by an expanding subscriber base that reached 1.46 million mobile users.

The company's financial performance comes amid the suspension of its proposed acquisition of M1. The deal lapsed following investigations by the Infocomm Media Development Authority (IMDA) regarding potential unauthorized spectrum usage. Tuas stated it is cooperating fully with the IMDA and is awaiting a formal decision regarding the consequences of the spectrum usage matter, which could include financial penalties or license modifications.

Despite the failed acquisition, Tuas reported an underlying EBITDA of S$83.7 million and plans to invest between S$50 million and S$55 million in mobile and broadband infrastructure for the upcoming fiscal year. The company also intends to allocate S$15 million to S$30 million toward enhanced cybersecurity requirements.