TUAS LIMITED GROWS REVENUE BY S$30M SINCE INTERIM REPORT
PAID ACTIVE SUBSCRIPTIONS INCREASE TO 392K AT 31 JULY 2021
TPG SINGAPORE TURNS EBITDA POSITIVE
Tuas Limited (ASX:TUA) today released financial results for its inaugural financial year, covering the period from 11 March 2020 (being the date of incorporation of the company) to 31 July 2021.
Financially, the Singapore business achieved creditable results given the substantial challenges that the company and the community in Singapore faced during this time.
• Revenue grew month on month throughout the reporting period to S$34.3m,
representing an increase of approximately $30m since the interim results published in
• The Group reported an EBITDA loss for the full reporting period of S$2.5m.
• TPG Singapore, the operational business of the Group, achieved a positive EBITDA of
S$0.9m for the 12 months to 31 July 2021, and has continued to track positively into the first quarter of FY22.
Subscriber growth was a key positive for the Company. In the interim report published in October 2020, TPG Singapore announced that it had 133,000 paid active subscriptions as at 4 September 2020. In the 11 months since that date, TPG Singapore tripled its subscriptions, to reach a total of 392,000 paid active subscriptions on 31 July 2021.
TPG Singapore will complete its 4G rollout this calendar year. Regulatory licence conditions for outdoor coverage, indoor coverage and road tunnels have now been fully met, with coverage in
those areas consistently exceeding 99.3% in regulatory testing.
Most rail tunnels and stations are already serviced and all will be completed this calendar year, at which time TPG Singapore will have satisfied its regulatory coverage commitments.
Executive Chairman, David Teoh, said “I am extremely proud of our team in Singapore, led by Richard Tan. They have faced many challenges this year but have overcome them to achieve
outstanding results in this first financial year for Tuas.”
Richard Tan, CEO of TPG Singapore, also expressed satisfaction, saying “We are very proud of the quality and coverage of our mobile network and our plans are leading the market. We are bringing
tremendous value and benefits to Singapore consumers and are looking forward to an exciting future.”
As for it’s outlook
• TPG Singapore expected to continue tracking EBITDA positive.
• Capital expenditure guidance of approximately S$40 million for
FY22, excluding investment in 5G
As for MRT coverage, NSEW line should be fully covered by end of OCT 2021.