Singtel returns to the black with S$2.8 billion H2 profit on exceptional gain, unveils S$2 billion buyback programme
[SINGAPORE] Singapore Telecommunications (Singtel) returned to the black with a net profit of S$2.8 billion for its second half ended March 2025, compared with a net loss of S$1.3 billion for the previous corresponding period.
The turnaround came on a net exceptional gain of S$1.51 billion mainly from the partial disposal of its Comcentre property and from the share of Airtel's gains which were partially offset by impairment, regulatory and tax provisions.
Singtel also announced on Thursday (May 22) that the group has authorised its first share buyback programme of up to S$2 billion, as part of the company's capital management strategy.
Funding for the share buybacks will be underpinned by excess capital from the Group's asset recycling proceeds. In May 2024, Singtel set a mid-term asset recycling target of S$6 billion under its Singtel28 growth plan which it is now raising to S$9 billion.
On its H2 performance, Singtel said the net exceptional gain of S$1.51 billion came mainly from the partial disposal of the Comcentre property and share of Airtel's gains.
The results translate to a basic earnings per share of S$0.1688, against a loss per share of S$0.0813 previously.
Operating revenue for the second half was up at S$7.2 billion from S$7.1 billion in the year-ago period.
Singtel's board has proposed a final dividend of S$0.10 per share, consisting of a core dividend of S$0.067 per share and a value realisation dividend of S$0.033 per share.
The counter ended Wednesday 1 per cent or S$0.04 higher at S$3.85 before the news.
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At the same time, it continues to reinvest in its Japan real estate portfolio, evaluate its structure, and explore strategic partnerships to support long-term return on equity growth and close the net asset value gap. For shipping, the group is focused on restructuring and reinvesting in joint venture vessels – such as the Kellet Island initiative – to renew fleet structures and broaden both the vessel investment portfolio and stakeholder base. When market conditions are favourable, the group maintains it may consider acquiring newbuild vessels, as part of its broader fleet revitalisation strategy to gradually replace ageing ships – typically around 15 years old – with younger vessels between seven and 10 years of age. Digital Core Reit On May 28, Digital Core Management's lead independent non-executive director John Herbert acquired 250,000 units of Digital Core Reit at US$0.495 per unit. This was his first acquisition on the open market since joining the board in November 2021. 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Straits Times
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