Tuas (ASX:TUA), the Singapore mobile and broadband provider that trades on the ASX, a statutory net profit after tax of S$26.0 million for the year to 31 July 2026, up from S$6.9 million a year earlier. The result was released on Wednesday, 23 September 2026.

The how comes down to customer growth. Revenue rose 24 per cent to S$187.6 million as the company added more than 200,000 mobile services, lifting Earnings at every level of the profit and loss statement, with net profit growing far faster than revenue.

One important detail for Australian readers: Tuas reports in Singapore dollars. The 's markets blog profit as $26 million, and put the equivalent at about A$28.7 million. All figures below are in Singapore dollars unless stated.

The key numbers

Appendix 4E and annual report, underlying EBITDA rose to S$83.8 million from S$68.4 million. The investor presentation shows statutory EBITDA of S$80.1 million and underlying net profit of S$29.6 million.

Active mobile services climbed from 1,254,000 at the end of FY25 to 1,458,000 at 31 July 2026. The fibre broadband Business finished the year with 62,000 subscribers. Gross mobile average revenue per user was S$9.42.

The noted that revenue growth was driven by higher subscriptions and an expanded plan mix. The Annual Report also pointed to growth in the subscriber base and interconnect revenue.

The Balance Sheet has been transformed. Cash and term deposits reached S$498.8 million at 31 July, compared with S$80.7 million a year earlier, and the company has no debt. No Dividend was declared.

Reading the margins

A closer look at the figures shows where growth came from. Underlying EBITDA rose about 22 per cent, slightly slower than revenue, which implies the underlying EBITDA Margin eased marginally, from about 45.2 per cent to about 44.7 per cent. In other words, the business did not become dramatically more profitable at the operating level; it simply became larger.

The much sharper jump in net profit therefore reflects items further down the income statement. The company's summary put the net profit increase at 277 per cent. The gap between statutory net profit of S$26.0 million and underlying net profit of S$29.6 million also indicates some items the company treats as outside its normal trading, and investors may want to read the annual report's reconciliation for the detail.

Mobile services grew by about 16 per cent across the year, a solid pace in a mature market with several established operators.

Why the cash pile is so large

Most of that cash came from Capital raised for a deal that did not happen. Tuas had agreed to buy Singapore rival M1, but annual report, the Infocomm Media Development Authority indicated on 17 May 2026 that it would suspend its review, and the agreement reached its long-stop date of 21 May without regulatory clearance.

Regulatory issues to watch

Separately, Simba was designated a critical information infrastructure operator during FY26, requiring it to meet additional Cybersecurity requirements. The company expects incremental capital and operating spending of S$15 million to S$30 million in FY27 to comply.

Spending plans for FY27