Singapore Telecommunications (Singtel) reported a 14% increase in net profit for the year ended March 2021. The company’s core businesses benefited from a recovery in international travel and roaming, as well as rising 5G adoption. Net profit for the year was S$2.23 billion ($1.68 billion), compared to S$1.95 billion a year ago. Analysts had expected S$2.26 billion, according to Refinitiv.
The company’s strong performance was driven by a recovery in international roaming and travel, as well as increased 5G adoption. Singtel’s consumer business saw a 4.3% increase in revenue, while its enterprise business saw a 5.3% increase. The company also saw a strong performance in its digital businesses, with revenue increasing by 11.3%.
Singtel’s strong performance is a sign of the recovery of the global economy, as well as the increasing demand for 5G services. The company is well-positioned to capitalize on the growing demand for 5G services, and is expected to continue to perform well in the coming years.