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HKBN announced solid results for the first half of FY23. (From left) Our Co-Owner and Executive Vice-chairman William Yeung and Our Co-Owner and Group CEO NiQ Lai.
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Dear Friends of HKBN
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HKBN Announces Solid Results for the 6 Months Ended 28 Feb 2023
Clear J-Curve Turnaround Driven by ICT Powerhouse Transformation
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Today, we announced solid operational and financial results for the six months ended 28 February 2023 (“1H2023”). Despite world macro-economic challenges, we are recovering through our ICT powerhouse transformation and broadening Infinite-play strategy. Key highlights of our 1H2023 results include:
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Revenue of HK$6,707 million after excluding the four months impact in 1H2022 of the Disposal Group#, year-on-year growth is 2%.
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EBITDA (Adjusted) of HK$1,196, decreased year-on-year by 6%.
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The Board has recommended an interim dividend payment of 20 HK cents per share (1H2022: 40 HK cents per share).
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# On 3 January 2022, HKBN Group completed the disposal of 60% of the issued share capital of HKBN JOS (SINGAPORE) PTE. LTD. and HKBN JOS (MALAYSIA) SDN. BHD. (collectively, the “Disposal Group”) to StarHub Ltd..
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Enterprise: ICT powerhouse transformation results in a clear J-curve turnaround
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Despite a challenging economic environment brought by prolonged COVID-19, Enterprise revenue rebounded with a clear J-curve turnaround driven by our ongoing transformation to an ICT powerhouse. With this transformation, our Enterprise business is aggressively leveraging the commercialisation of our tri-carrier fibre network, a market-unparalleled advantage, to strengthen our overall core business and solutions offerings. In addition, by unleashing the full potential of our JOS acquisition, a market-leading system integrator, our Enterprise business will generate long-term growth opportunities as we further expand focus on delivering end-to-end system integration and digital transformation for customers in Hong Kong, mainland China (especially in the Greater Bay Area) and the ASEAN regions. During 1H2023, Enterprise service revenue grew half-on-half at 9.9% to HK$2,348 million, with momentum for accelerated growth in the J-Curve turnaround moving forward.
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Residential: Expanding Infinite-play for growth
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As we continued delivering high value bundle choices to customers, our residential broadband subscriber numbers recorded a year-on-year increase of 3% to 915,000, holding a significant share of the market despite intense competition. We also continued expanding our Infinite-play strategy in the residential market by launching electronics shopping platform Shoppy. HKBN will continue to grow by focusing on bringing together disruptive value-added services, add-ons, experiences and market-leading OTT entertainment to capture greater wallet share of the consumer market.
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Confidently executing J-Curve rebound
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Our Co-Owners William Yeung and NiQ Lai said, “In business, the flywheel effect happens when small wins build on each other over time and eventually gain so much momentum that growth almost seems to happen by itself. The ~2-year revenue lag due to contract amortisation, together with the ramp-up time of new executives joining, means that the flywheel elements that we are seeing operationally today will take one to two years to play out into our business performance. The first half of FY23 already showed a marked sequential improvement over the second half of FY22, and we are confident that this J-curve turnaround will continue with 2H2023 being better than the 1H2023.”
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For more details of our 1H2023 results, click refer to the links below:
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