The TUAS Group has announced the release of its first-half results for the fiscal year 2023. The group experienced a significant increase in revenue of 55%, along with a rise in profits of 128% over the period from August 1st, 2022 to January 31st, 2023, as compared to the same period last year.

This rise in revenue was largely attributed to the expansion of the group’s subscriber base, with an average revenue per user (ARPU) of $9.38 per month. The subscriber base reached a total of 691 thousand by the end of Q2 FY22/23. It has an active subscriber base of 700 thousand in February 2023.

Taken from TUAS 1H 2023 Investor Presentation

In the last quarter, SIMBA Telecom also introduced a new roaming plan – SuperRoam 50GB at S$20/mth.

As for 5G, SIMBA is currently undergoing a 5G network upgrade and aims to achieve 60% completion by the end of 2023. However, no specific launch date has been provided at this time.

Additionally, the group has plans to launch the SIMBA 2.5 Gbps Fibre Broadband plan by the end of the financial year 2023, which is expected to be in September 2023.

It should be noted that the TUAS Group is the owner of SIMBA Telecoms, which is a major contributor to the group’s overall performance. The significant increase in revenue and profits in the first half of FY2023 can be attributed in part to the success of SIMBA Telecoms in expanding its subscriber base and increasing ARPU. The group’s ongoing 5G network upgrade and planned launch of the SIMBA 2.5 Gbps Fibre Broadband plan are also expected to further strengthen the performance of the TUAS Group and its subsidiaries.

By Harry