HKT has delivered another year of solid financial results in 2024, driven by growth across its key business segments, particularly enterprise solutions and 5G services.
Excluding mobile product sales, total revenue increased by 2% to HKD 32,031 million, supported by its broadband market leadership and accelerated 5G adoption, while overall revenue rose by 1% to HKD 34,753 million.
EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed by 3% to HKD 13,743 million, benefiting from artificial intelligence (AI)-driven efficiency improvements.
The company also strengthened its financial position, reducing its net debt-to-EBITDA ratio to 2.9x and increasing adjusted funds flow (AFF) by 3% to HKD 5,973 million.
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Enterprise Growth and Expansion
The enterprise segment remained a key growth driver, with local data revenue increasing by 8% and mainland China revenue surpassing HKD 1 billion, reflecting a remarkable 37% year-over-year (YoY) increase. HKT secured new enterprise contracts worth over HKD 5 billion, reinforcing its leadership in providing advanced 5G, artificial intelligence (AI), Internet of Things (IoT), cloud, and cybersecurity solutions.
In the mobile segment, services revenue rose by 5%, totaling HKD 8,762 million, fueled by post-paid customer growth, increased roaming revenue, and higher 5G adoption. HKT’s 5G subscriber base expanded by 25%, totaling 1.747 million, with penetration exceeding 50% of the mobile post-paid base. The broadband business recorded its 17th consecutive year of revenue growth, increasing by 3% as demand for high-speed fiber services surged.
The pay TV segment remained resilient, demonstrating a 15% increase in subscribers following the launch of the revamped Now OTT service. Meanwhile, HKT’s loyalty platform, The Club, continued to expand, growing its membership base to 4.01 million and driving a 4% increase in member spending.
Strategic Outlook for the Future
Group Managing Director, Susanna Hui, emphasized HKT’s commitment to innovation and digital transformation, citing investments in AI and research and development (R&D) as key enablers for future growth. She highlighted the company’s strong financial standing, which positions it favorably to navigate economic uncertainties and seize emerging opportunities.
HKT has remained steadfast in executing our strategic priorities of delivering high-quality, reliable, and innovative services to customers, advancing our transformation into a dynamic technology solutions provider.
With a continued focus on expanding its technology solutions and enterprise reach, HKT is well-positioned to achieve sustained success in the evolving digital landscape.
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