StarHub posted a net profit of $161.7 million for FY2024 ended Dec 31, 2024, up 7.7% over the preceding FY2023, as total revenue rose 1.4% to $2.4 billion in the same period. Growth is supported by the company’s shift from an asset-heavy model to an asset-light approach, moving from legacy systems to cloud and software-as-a-service (SaaS) platforms while leveraging shared cost structures, says Eapen.
StarHub is ready to “harvest” the benefits of Dare+, a multi-year transformation initiative to reposition itself from a telco toward a digital ecosystem platform.
“We enter FY2025 with the majority of the ‘build-and-invest’ phase of our network, IT and business digitisation, and cloudification complete. With these new platforms built, we now move to the ‘harvest’ phase [which is about] driving scalable growth with cost optimisation… to drive long-term total shareholder returns,” says StarHub (SGX:CC3
) CEO Nikhil Eapen.
