Tuas Limited (ASX:TUA) has reported a maiden half-year profit, driven by continued subscriber growth and strong performance from its Singapore-based subsidiary Simba.
For the six months ending 31 January 2025, Tuas posted a net profit after tax of S$3.0m, a turnaround from a S$3.5m loss in the prior corresponding period. Revenue rose 34% to S$73.2m, with mobile and broadband services accounting for nearly all of the income.
Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 48% to S$33.1m, supported by steady operational cost control.
Simba’s paid mobile customer base increased to approximately 1.16 million, up from 1.05 million six months earlier. The company also recorded over 14,000 active fibre broadband subscribers, following its recent launch of 10Gbps fixed-line services in Singapore.
Capital expenditure for the period totalled S$23.0m, largely directed towards mobile and broadband infrastructure. Despite this, Tuas generated positive net cash flow, increasing cash and term deposits by S$17.8m to S$73.1m.
No dividends were declared. The company’s net tangible assets per share rose to S$0.70, up from S$0.67 a year earlier.
Tuas Chairman David Teoh said the results reflected continued growth and investment in Simba’s network capacity and customer offerings.
Despite the positive results, shares are trading 18.82% lower at $5.09.
