Simba parent Tuas full-year profit surges to S$26 million on subscriber growth

[SINGAPORE] Tuas, the Australian-listed parent company of Simba Telecom, saw its full-year net profit more than treble on the back of more subscribers and more plans with a greater amount of inclusions that broadened its target customer segment.

Net profit stood at about S$26 million for the full year ended Jul 31, up 277 per cent from about S$6.9 million the year before.

Revenue was 24 per cent higher at S$187.6 million, compared with S$151.3 million in the previous financial year.

Basic earnings per share rose from S$0.0148 to S$0.0478, while underlying earnings before interest, taxes, depreciation and amortisation was up 22 per cent at S$83.8 million. This excluded “significant items of S$3.7 million” related to due diligence and professional engagements around the failed M1 acquisition from Keppel in May.

The deal was suspended after the Infocomm Media Development Authority (IMDA) said Simba could have used radio frequency bands it was not assigned to provide mobile services, which would constitute a breach of Singapore’s Telecommunications Act.

“This financial year brought the significant milestone of entering into an agreement to acquire M1,” said David Teoh, chairman of Tuas, in a bourse filing on Wednesday (Sep 23).

“We remain fully cooperative with the IMDA regarding the unauthorised spectrum usage matter and are currently awaiting their formal decision.”

The Tuas board had raised S$322 million from institutional investors through a placement and S$42.5 million through a share purchase plan from existing shareholders to support the M1 acquisition. With the buy now off the cards, the board said it is yet to make a decision on the use of the raised capital.

“At the time of this report, the IMDA has not advised Simba on what consequences should follow a finding of misuse of spectrum,” said Tuas.

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“Such consequences may include financial penalties, modifications to, or termination of Simba’s licences to operate in Singapore, and personal consequences for individuals found to have been involved.”

The telco’s active mobile services increased from about 1.3 million at the end of the 2025 financial year to nearly 1.5 million as at Jul 31 this year, despite an “increasingly competitive market”. Its fibre broadband business also ended the year with 62,000 subscribers.

Gross mobile average revenue per user stood at S$9.42 and did not include interconnect revenue, which is growing with Simba’s larger subscriber base, said the company.

For the new financial year, Tuas said that it expects Simba to incur incremental capital and operating expenditure of about S$15 million to S$30 million. This will help it meet cybersecurity requirements imposed by Singapore regulators on all critical infrastructure owners.

Teoh added that Simba is also developing “new innovative products for the Singapore market”, set to be launched in the new financial year.

Shares of Tuas on the Australian Stock Exchange rose 0.9 per cent to close A$0.02 higher at A$2.33 on Tuesday.