Photo courtesy of Nikkei

StarHub posts 5.1% YoY growth to $517.2m in Q3

There is also a 5.6% YoY revenue increase for the quarter.

StarHub reported a 5.6% year-on-year revenue growth to $517.2m during the third quarter of 2021. It also reported a 5.1% net profit increase of $40m. For the nine months ended 30 September, revenue rose 2.9% to $1.49b whilst net profit grew 6% to $107.4m.

On 10 November, StarHub also increased its FY 2021 service earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin guidance to at least 26%, from a 24% to 26% range. This is the result of the postponement of operating expenditure relating to an IT transformation programme.

CEO Nikhil Eapen said, "The growth reflects our differentiated strategy to drive enriching digital experiences for our consumers across mobile, broadband, and entertainment, coupled with our focus on cybersecurity and ICT as key drivers of our enterprise business. We also concluded our DARE programme, which exceeded our initial cost savings target by 30%, gave us the confidence to upgrade our service EBITDA margin guidance and set the stage for DARE+."

DARE+ is a five-year ICT transformation strategy to strengthen StarHub's ICT capabilities, enterprise solution offerings, and customer footprint in Singapore and Malaysia.

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