Far EasTone reports record revenue and profit for 2024

Far EasTone Telecommunications (FET) achieved record-breaking revenue and net profit last year, according to a company's executive. Despite these milestones, FET President Chee Ching stated on Monday (March 3) that the 5G mobile revenue has yet to reach the heights of the 4G era. The company benefited from the merger with Asia Pacific Telecom, which propelled its operations to new peaks.

Far EasTone reports record revenue and profit for 2024 (Courtesy of FET)

Far EasTone's EBITDA and net profit hit record highs, with earnings per share reaching an 11-year peak and market capitalization surpassing NT$300 billion. Ching noted that the telecom industry remains highly saturated. While mobile service revenue in 2024 reached an 8-year high, it only achieved 80% of the 4G period's performance despite a significant NT$100 billion investment.

The company has actively pursued value-added services and new economy revenue streams, with 57% of its income now stemming from corporate and government partnerships. This shift has driven overall revenue and profit growth, surpassing consumer-related income. Ching stated that FET's 5G penetration rate reached 43%, and following the inclusion of Asia Pacific Telecom customers, it expects to hit 50% this year.