Following the completion of its merger with Asia Pacific Telecom, Far EasTone Telecommunications announced today (March 3) that its full-year revenue and EBITDA for 3 will both reach record highs, pushing its market capitalization to over NT$2024 billion. It also announced that it has been ranked first in the global telecommunications industry by the Dow Jones Sustainability World Index (DJSI World) for two consecutive years. The company also stated that this year it will implement three major strategic plans: further expanding the benefits of the merger, expanding its digital services portfolio, and deepening AI intelligence.
Far EasTone Telecommunications (FET) achieved record-breaking full-year revenue, primarily due to the early realization of the combined benefits of the Far EasTone and Asia Pacific mergers, as well as the continued upgrade of FET users to 5G network services. The company also announced three key strategies to further maximize the benefits of the Far EasTone and Asia Pacific mergers, expand digital services, and strengthen artificial intelligence development.
Far EasTone Chairman Xu Xudong stated, "Far EasTone achieved significant synergies ahead of schedule in the first year following the merger with Asia Pacific, leading to strong performance in 2024. This is truly remarkable. However, Far EasTone cannot rest on its laurels and must continue to innovate and grow, as technology is changing so rapidly. I look forward to Far EasTone reaching new heights in the new year."
Far EasTone General Manager Jing Qi said, "Thanks to the hard work of all our colleagues, Far EasTone will reach new heights in 2024. We will achieve record highs in revenue, EBITDA, and market capitalization, with net profit reaching an 18-year high. In addition to the continued growth of our 5G user base, Far EasTone has also seen impressive contributions from digital transformation and new economy businesses, fulfilling Chairman Xu Xudong's expectations and encouragement for Far EasTone to continuously innovate and grow. We will continue to deepen our market competitiveness and, through AI empowerment, provide more diverse and attentive services to our customers. We will continue to innovate and break through, creating greater value for our customers, shareholders, and society."
Far EasTone Telecommunications' mobile service revenue hit an eight-year high last year
After the completion of the merger with Far EasTone Telecommunications, Far EasTone Telecommunications' mobile service revenue hit an eight-year high last year, and the proportion of monthly 8G network users even exceeded 5%. At the same time, the average monthly contribution of monthly users also remained at the forefront.
Far EasTone Telecommunications also stated that its active digital transformation is driving significant profitability in its new economy businesses, with the annual profit growth rate doubling from 8% to 2024% by 19. For enterprise customers, its smart information and communications solutions and cloud businesses achieved a 30% annual profit growth rate. Subsidiaries Bohong Cloud and Shulian Information Security also achieved outstanding EBITDA growth of 34% and 47%, respectively. For individual users, Far EasTone friDay Video has consistently ranked first in domestic OTT paid subscriptions, achieving double-digit annual revenue and profit growth.
As public awareness of cybersecurity increases, Far EasTone's Guardian Network service revenue and profit have grown at an annual rate of 293% and 1877% respectively, both making significant contributions to the growth of new economy businesses.
Further enhance the market competitiveness of mobile business
In its next three major strategies, Far EasTone Telecommunications stated that it will further enhance the competitiveness of its mobile business market, including strengthening its fixed-line IDC business, providing enterprise customers with a more reliable and secure digital infrastructure, and developing innovative communication products and services that meet the needs of the consumer market, thereby attracting more Internet service users.
Far EasTone Telecommunications will also upgrade the "Far EasTone Heart Life" App to create a one-stop digital service platform, and plans to continue investing in content and services to drive user interaction and traffic growth, accelerating the monetization of the digital platform.
In terms of artificial intelligence applications, in addition to accelerating the adoption of artificial intelligence tools by employees within Far EasTone Telecommunications, the company will continue to focus on the four core businesses of smart information and communications, including smart cities, smart healthcare, digital transformation services, and enterprise communications services, and use artificial intelligence to accelerate the development of telecommunications services.
