StarHub has announced a 7.7% increase in net profit for the financial year ending 31 December 2024, reaching S$161.7m, up from S$150.2m in the previous year. The company also reported service revenue of S$2b and total revenue of S$2.4b, marking year-on-year growth of 3.9% and 1.4%, respectively.
The growth was largely driven by the Enterprise Business, which saw a 14.1% increase in revenue, totalling S$980.9m. This was bolstered by significant gains in Cybersecurity Services, up 26.2%, and Regional ICT Services, up 13.1%. Managed Services also contributed with a 16.5% rise, driven by modern digital infrastructure solutions.
In the consumer sector, StarHub’s Mobile business experienced strong growth in SIM Only subscriptions, particularly through its giga! and MVNOs, as part of its Multi-Brand, Multi-Segment strategy. Mobile revenue for the year was S$577m, with churn remaining low at 1.0% in the fourth quarter. The Broadband business also expanded, reporting S$250.1m in revenue, thanks to higher ARPU and increased subscriptions to higher-bandwidth plans.
Looking ahead to FY2025, StarHub plans to continue expanding its market share whilst optimising costs across all segments. The company expects stable EBITDA and aims to scale its Enterprise Business further in the ASEAN region. A final dividend of 3.2 cents per share has been declared, bringing the total FY2024 dividend to 6.2 cents per share, exceeding expectations.
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