The Tuas Ltd (ASX: TUA) share price is having a strong finish to the week.
In morning trade, the ASX All Ords share is up 11% to a new 52-week high of $2.71.
Why is this ASX All Ords share jumping?
Investors have been buying the TPG Telecom Ltd (ASX: TPG) spin-off after it released an update at its annual general meeting.
According to the release, the Singapore-based telco's growth continued during the first quarter.
It reported total active services of 879,000, up 7.3% from 819,000 at the end of the fourth quarter of FY 2023. It also revealed that its active services have since surpassed 900,000.
Another positive is that its average revenue per user (ARPU) metric is heading in the right direction. Its ARPU increased to $9.53 for the first quarter, which is up from $9.37 during FY 2023.
Tuas is also making good progress with its 5G coverage. It has achieved its 60% outdoor coverage target before the end of 2023. It is now aiming to achieve 95% outdoor coverage by the end of 2026. The good news is that unaudited outdoor drive tests indicate that current coverage is >80%.
More good news is that this progress may be ahead of plan but its capital expenditure guidance hasn't changed. It continues to forecast capex of $45 million to $50 million.
Management also notes that its "fibre Broadband rollout [is] progressing with strong public interest."
The ASX All Ords share's Executive Chair, David Teoh, commented:
FY23 was a very good year for our Company. Our Simba mobile telecommunications business in Singapore continued to gain traction in the market producing solid financial results. I am very proud of our wonderful staff. They have performed very well in a growing business, and I would like to congratulate them on their achievements and thank them for all their efforts.
Tuas shares have now almost doubled in value over the last 12 months.
