Thailand-based AIS forecast double-digit growth in profitability and core service revenue in 2024, benefitting from its acquisition of Triple T Broadband in November and a sharp cut in capex following its accelerated 5G investment.

Capex is expected to drop from THB41 billion ($1.2 billion) in 2023 to between THB25 billion and THB26 billion this year, with 60 per cent earmarked for mobile, 28 per cent broadband and the remainder enterprise and other areas.

In its earnings statement, the company noted the local economy sustained modest growth, driven by private consumption and the recovering tourism sector, helping the mobile industry return to growth.

Net profit declined 4.9 per cent year-on-year to THB7 billion in Q4, due to net losses from Triple T operations, asset provision expenses and increased finance cost from the acquisition.

Total revenue grew 5.4 per cent to THB51.3 billion. Mobile revenue was up 1.8 per cent to THB30.1 billion. SIM and device sales dropped 5.2 per cent to THB10.9 billion.

Fixed broadband sales nearly doubled to THB5 billion, supported by the acquisition. 

AIS added 2.3 million 5G users from a year earlier to end 2023 with 9.2 million.

Prepaid subscribers declined for a second quarter, falling 4.6 per cent to 31.9 million, while postpaid users were mostly flat at 12.7 million.

Prepaid ARPU improved 8.5 per cent to THB133 and postpaid slipped 1.3 per cent to THB449.

Average data usage increased 6 per cent to 33.4GB a month.