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The Silicon Review Asia

Singtel's Net Profit More than Doubles to S$954 million in First Half

Singtel's Net Profit More than Doubles to S$954 million in First Half

The net profit was driven mainly by Airtel’s robust turnaround

Singtel's net profit more than doubled from the same period last year to S$954 million, riding on the Airtel turnaround. The Company's operating revenue grew 3% to S$7.65 billion, propelled by higher mobile service revenue in Australia and strong ICT growth from higher digital services revenue for NCS and also data center revenue.

“This first half performance underscores our ongoing strategic reset to develop new growth engines in ICT and digital services. The pandemic has provided tailwinds of digitalisation that we are leveraging to rebuild our business during this crisis and we continue executing to this strategy by enhancing NCS’ digital capabilities in cloud and data and growing our digital infrastructure to innovate our way through this disruption,” Mr Yuen Kuan Moon, Singtel Group CEO.

The company's associates delivered resilient performance and a resurgence of COVID-19 in their markets with a 21% increase in pre-tax contributions to S$1 billion. This has been attributed to the solid turnaround in Airtel with double-digit increases in operating revenue led by robust mobile growth in India from customer growth and 4G upgrades. In Indonesia, Telkomsel saw good growth in data and digital services which partially offset weakness in its legacy business.

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