SINGAPORE: StarHub Ltd. has reported a solid 11.1% year-on-year increase in its net profit for Q3 2024, reaching $40.4 million, bolstered by strong performance across several business divisions. This growth was led by Enterprise Managed Services, which saw a significant revenue rise of 24.8% year-on-year.
Other sectors contributing to StarHub’s gains include its broadband and Regional ICT services, both of which reported improved figures.
The broadband division recorded a 1.4% year-on-year revenue growth, amounting to $63.2 million, alongside a rise in its average revenue per user, which increased from $34 in Q2 to $35 in Q3. The Regional ICT services segment also posted substantial progress, with a 29.2% year-on-year boost, bringing its revenue to $42.1 million.
In contrast, Singapore Telecommunications Ltd. (Singtel) concluded the first half of FY 2025 with a net profit of $1.23 billion, a 42% decline compared to the same period last year.
The drop in Singtel’s earnings was attributed to the absence of a one-time $1.2 billion gain realized in H1 FY 2024 from the issuance of shares in Telkomsel, its Indonesian affiliate. Excluding associate contributions, however, Singtel’s net profit would have grown by 6% year-on-year, amounting to $1.19 billion.
Despite the overall dip, Singtel’s underlying profit strength led to an increase in its interim dividend per share, raised by 35% year-on-year to $0.070.