The Tuas Ltd (ASX: TUA) share price is rocketing to an all-time high today. This comes ahead of the telco provider’s planned annual general meeting (AGM) today, covering business updates and its FY22 outlook.
At the time of writing, Tuas shares are soaring 11.86% to a record high of $2.17. In contrast, the All Ordinaries (ASX: XAO) is up 0.14% to 7,546.5 points.
Key takeaways at Tuas’ AGM
The Tuas share price is rallying into unchartered territory as investors appear excited about the company’s growth plans.
Ahead of its AGM, Tuas highlighted in its pre-released presentation the group financials, including TPG Singapore’s performance.
The company achieved unaudited revenue of $12.2 million for the 3-month period ending 31 October 2021.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came to $3.7 million, compared to a loss of $2.4 million in the prior quarter. TPG Singapore accounted for an unaudited $3.8 million for Q1 FY22, reflecting the strong performance in a challenging environment.
Tuas closed at the end of October with a cash balance of around $92,000, including term deposits to secure bank guarantees.
Its subscriber base has continued to grow, with the latest figures reaching 435,000 subscribers as of 30 November. Average revenue per user (ARPU) stands at around $9.45.
In regards to the 5G updates, the company has been provisionally awarded a 5G spectrum in the 2.1 GHz spectrum auction. At a cost of $31.72 million, the deal comes with a 15-year license. This allows TPG Singapore to use this spectrum in operating its own 5G network in the country.
The rollout begins in the first quarter of 2022, with the launch of 5G standalone services in 2022.
Looking ahead, Tuas advised that its EBITDA for the year is above the current budget.
Tuas share price snapshot
In addition to today’s significant rise, the Tuas share price has jumped over 210% in the past 12 months. However, when looking at year-to-date performance, the company’s shares are up around 180%.
Tuas commands a market capitalisation of about $978.85 million, with approximately 463.91 million shares on its books.