True Corporation Public Company Limited (SET: TRUE) announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Yearly | 2021 | 2020 |
| Net Profit (Loss) (Thousands) |
(1,428,409) |
1,048,398 |
| Earning Per Share (Baht) |
(0.04) |
0.03 |
The Company reported a consolidated net loss to equity holders of the Company of Baht 1,428.40 million for the Year 2021 ending 31st December 2021, representing a change of greater than 20 percent compared with the net results of the last year.
True Group’s total revenue increased 3.9% YoY to Baht 143.7 billion in 2021 driven mainly by higher product sales revenue. Consolidated service revenue was flat at Baht 106.3 billion with improvement in the fourth quarter as growing subscriber bases, particularly 5G, broadband and digital businesses, offset continued pressure from the economy and COVID-19 pandemic on consumers’ spending.
TrueMove H’s mobile service revenue was Baht 79.8 billion, flat YoY as impact from the lengthy COVID-19 and competition pressuring ARPU offset growth of 5G and postpaid market. The fourth quarter of 2021 showed QoQ revenue improvement trend following the country’s reopening with easing restriction measures. Continued development of 5G and ecosystem with more affordable 5G and IoT devices as well as materialized synergy with partners in various vertical industries are keys to drive higher growth.
TrueMove H registered 231.5k net adds in 2021 and expanded its total subscriber base to 32.25 million, of which 21.28 million were prepaid and 10.97 million were postpaid.
TrueOnline’s broadband internet revenue grew 8.9% YoY to Baht 29.5 billion reiterating its leadership in both revenue and subscriber base. The business recorded broadband net adds of 101k in 4Q21 and 442k in 2021, boosting its total subscriber base to 4.6 million. This positive development was driven by its continued focus on adding value to customers through high-speed and high-quality services, innovative devices and content bundled. The recent launch of 2Gbps speed with Tri-band Mesh Wifi and TrueID TV bundled will further enhance customer’s usage and speed experiences.
TrueOnline’s other service revenue decreased in 2021 on intercompany revenues related to O&M services with no effect to consolidated service revenue.
TrueVisions’ service revenue was Baht 9.8 billion, declining 7.7% YoY on softened subscription and installation revenue to Baht 5.8 billion amid continued shift of consumers’ behavior and lifestyle toward OTT and online platform. In response to this rising trend, True Group launched the content streaming packages leveraging strengths of TrueID+ and TrueVisions NOW for a comprehensive range of on-demand entertainment and high-quality content for all family members. These received promising market responses well positioning True Group to capture higher growth from OTT.
TrueVisions’ other service revenues (comprising entertainment, sponsorship, advertising and other revenues) grew to Baht 4.1 billion driven by sponsorship and music related revenues.
