TUESDAY, March 19, 2024
nationthailand

Record revenue helps True Corp post net profit of Bt5.4 bn for fourth quarter of last year

Record revenue helps True Corp post net profit of Bt5.4 bn for fourth quarter of last year

True Corporation recorded a net profit of Bt5.4 billion in the fourth quarter of last year, driven by record revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The company also gained from cost and productivity initiatives and asset divestment to the Digital Telecommunications Infrastructure Fund (DIF), True said.
Its board of directors approved a dividend of about Bt1 billion (Bt0.031 per share), subject to approval by shareholders at the annual general meeting in April.
Consolidated 2017 service revenue grew more than 10 per cent year on year to Bt97 billion due to significant growth of both the cellular and broadband businesses while EBITDA surged 59 per cent to reach Bt39.9 billion in 2017.
Excluding the effect of the asset divestment to DIF, EBITDA grew 36 per cent year on year to Bt34 billion. This, combined with corporate-wide cost and productivity initiatives as well as the asset divestment to the DIF, resulted in a net income of Bt2.3 billion in 2017, paving the way for True to achieve sustainable profitability and dividend payments.
Co-president for operations Vichaow Rakphongphairoj said that its ongoing commitment to improving customers’ service experience and building the best telecommunications networks nationwide “utilising world-class standards and cutting-edge technologies” have been important factors contributing to the group’s solid revenue and subscriber growth. 
“We have also put relentless efforts on cultivating a digital mindset and creativity within the company which will enable us to always keep pace with changes in consumers’ behaviour and advancements in technology,” he said. “All these developments, together with the Group’s wide range of cost and productivity initiatives, lay a solid foundation for us to continue growth in 2018 and beyond.
Kittinut Tikawan, the group’s co-president for commercial, said: “Our determination to provide high-value convergence offerings and digital services to consumers enhances their engagement and matches their needs toward digitalisation.”
He said that in 2017, the group’s cellular business significantly outgrew peers as it was the only operator recording positive net adds of 2.7 million while the other two major players reported combined net subscriber loss of 2.8 million.
This drove TrueMove H’s service revenue up 17.3 per cent year on year while the industry’s revenue grew 5.7 per cent, the highest yearly growth rate since 2014, he said.
TrueOnline’s broadband business also grew well with consumer broadband revenue and subscriber base increasing at a solid double-digit rate resulting from its focus on upgrading speed and services through fibre campaigns, he said.
“All of our broadband customers are now on our FTTx network,” Kittinut said. “TrueVisions continues to provide high-quality content, which can be enjoyed across multiple platforms, reinforcing the Group’s convergence leadership. As we continue to add more value to consumers while emphasizing on digital content and privilege programs through TrueID, IoT and other innovative offerings, we are well positioned to amplify growth and stay at the top of consumers’ mind in the Thailand 4.0 era.

RELATED
nationthailand