Tuas Limited (ASX: TUA): A Small-Cap Growth Engine Still Gaining Speed
Growth stories are often spotted too late. But this one still feels early. Tuas Limited has quietly ticked a major box by delivering its first ever half-year net profit, and there’s a sense it might just be warming up.
Revenue for the first half of FY25 reached S$73.2 million, climbing 34 percent from the prior year. EBITDA rose 48 percent to S$33.1 million. What was once a S$3.5 million loss has now turned into a S$3.0 million profit. For a company that spent years building, this shift stands out.
Mobile services grew to 1.16 million active connections, while fibre broadband subscribers topped 14,000. Tuas is now rolling out 10Gbps broadband with Wi-Fi 7 routers, offering high-speed plans at aggressive price points in the Singapore market.
Cash and term deposits rose to S$73.1 million, up from S$55.3 million just six months earlier. At the same time, the company is continuing to invest. Full-year CAPEX is expected between S$50 million and S$55 million, mainly aimed at expanding 5G and broadband coverage.
What is unfolding here is a blend of subscriber growth, improving margins and solid cash generation. No dividends have been announced yet. That in itself hints at a company still in build mode.
With momentum strengthening across both mobile and broadband, Tuas Limited is shaping up as one of those rare growth stories that still feels within reach.
AUB Group (ASX: AUB): A Growth Story That Hasn't Slowed Yet
AUB Group keeps showing what sustained expansion can look like. Even after years of acquisitions and strong performances, its growth engine is still firing across every division. And the latest half-year results suggest this pace is far from settling.
Revenue for the first half of FY25 rose to $712.6 million, an increase of 12.1 percent. Underlying net profit reached $79.3 million, up 13 percent from the prior year. Underlying earnings per share also grew, despite a larger share base. But what draws attention is how widespread the growth has become.
The Agencies division lifted revenue by 26.1 percent and kept margins at 40.4 percent. BizCover continued to impress with a 16.5 percent revenue rise and margins expanding to 43.3 percent. New Zealand operations grew by 18.7 percent. Even the international segment, after undergoing a reset, posted a 10.4 percent gain on a normalised basis.
Activity levels remain high. In just one half, AUB completed three acquisitions and seven equity step-ups. It is building scale across regions while focusing on margin expansion. The pace is rapid, yet the structure feels disciplined.
Full-year underlying net profit is now expected to land near the top of the $190 million to $200 million range. The dividend has been increased to 25 cents, a rise of 25 percent from the previous year.
This is not just another round of good results. It is starting to look like a growth chapter that still has many pages left to turn.
(Source: Company Announcements)
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