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Singtel posts net profit of $1.95 billion in FY2022

Goola Warden
Goola Warden5/27/2022 07:24 AM GMT+08  • 3 min read
Singtel posts net profit of $1.95 billion in FY2022
Singtel's FY2022 net profit grew two and a half times to $1.95 billion despite a 2% drop in revenue to $15.34 billion
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Singtel’s net profit for FY2022 for the 12 months to March 31 grew two and a half times to $1.95 billion primarily due to a net exceptional gain from the group’s divestment of its 70% equity stake in Australia Tower Network compared to a net exceptional loss last year.

Underlying net profit improved 11% to $1.92 billion, mainly lifted by Airtel’s resilient turnaround. Operating revenue fell 2% to $15.34 billion while Ebitda was also down 2% to $3.77 billion, reflecting lower NBN migration revenue, the continued impact of Covid and challenges in the carriage business.

Excluding NBN migration revenue and Jobs Support Scheme (JSS) credits, operating revenue was stable, with Ebitda and Ebit growing 8% and 33% respectively, driven by growth in mobile service in Australia.

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