TPG has seen a 1.5 per cent jump in service revenue as mobile subscriber growth returns.
The telco posted a first half FY23 revenue of $4.44 billion.
EBITDA was $2.135 billion, up 23.6 per cent. This figure includes the $402 billion gain from the sale of its passive tower and rooftop assets to OMERS Infrastructure Management.
Without the tower gains EBITDA was up 3.8 per cent, to $1.793 billion.
The telco posted a dividend of 9c.
“These results reflect solid execution of our strategy as we benefited from renewed customer activity throughout 2022,” said CEO and Managing Director, Iñaki Berroeta.
“The operational and strategic foundations we have put in place are translating to an improving financial performance, which we expect to gather momentum through 2023.”
The results were driven by a 300,000 increase in mobile subscribers, improved fixed profitability from Fixed Wireless growth, and NBN increasing its plan pricing, and a reduction of net debt following the tower assets sale.
TPG says its 5G rollout remains on schedule, with more than 2,000 mobile sites completed to date.
TPG also used its financials to take a shot at the ACCC, who blocked the multi-year TPG Telstra network sharing deal which would have seen TPG’s mobile coverage increased to reach 98.8 per cent of the population “and deliver a viable, and competitive, third mobile player into regional Australia”, according to the company.
“The ACCC decision not to authorise this network sharing agreement was a significant loss for regional Australia and for consumers and businesses,” Berroeta said, noting as a result of this decision TPG “has not recognised any material financial impacts of the proposed agreement” in its FY22 results.
“TPG Telecom and Telstra are challenging the decision through the Australian Competition Tribunal,” Berroeta said.
The company has issued full year EBITDA guidance of between $1.85 billion and 1.95 billion.
Shares are up 3.1 per cent this morning, as of 11am AEDT.
