TPG Telecom (ASX:TPG) Releases Full Year 2024 Results
Financial Performance
TPG Telecom Limited (ASX:TPG) reported revenue from ordinary activities of AUD 5.52 billion for the full year ended 31 December 2024, remaining relatively flat compared to the previous year of 5.53 billion. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased by 9% to AUD 1.71 billion. The company reported a loss after tax attributable to owners of AUD (107) million, a notable decline from a profit of AUD 49 million in 2023. Basic and diluted earnings per share both stood at AUD (5.8) cents, reflecting a 323% decrease. The Group’s net assets per security slightly decreased to AUD 6.01, down from AUD 6.25 in the prior year.
Dividends
The Directors have declared a final dividend of 9.0 cents per share for FY24, maintaining total dividends at 18.0 cents per share, consistent with FY23. The final dividend is unfranked and will be paid on 4 April 2025, with a record date of 7 March 2025.
Strategic Partnerships and Transactions
In October 2024, TPG Telecom announced the sale of its fibre network infrastructure assets and Enterprise, Government, and Wholesale (EGW) fixed business to Vocus Group for an enterprise value of AUD 5.25 billion, subject to regulatory approval and other conditions precedent. This transaction is expected to close in the second half of 2025, enabling TPG Telecom to streamline operations and optimise its capital structure. Additionally, the company activated its regional Multi-Operator Core Network (MOCN) partnership with Optus in January 2025, doubling its mobile network coverage to over 1 million square kilometres and serving 98.4% of the Australian population.
Board Changes
The Board welcomed Paula Dwyer as an independent non-executive director and chair of the Audit and Risk Committee in October 2024, following the retirement of Arlene Tansey. Ms Dwyer brings over 25 years of independent directorship experience across various sectors, enhancing the Board’s governance capabilities.
Executive Comments
Chairman, Canning Fok, stated, “I am proud that millions of Australians continue to recognise the value and quality of TPG Telecom’s range of mobile and fixed services to help them stay connected, productive and entertained.”
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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