True grit: New boss vows comeback cash in 100-day dash
True Corporation chief pledges dividends, digital expansion and AI shake-up
True Corporation chief Sigve Brekke has hit the ground running, setting out a bold 100-day plan packed with promises of profit, digital dominance, and even a long-overdue payout to shareholders.
Brekke, who took the reins as group chief executive in March, is banking on data, discipline and dividends to spark a revival at the telecom titan, following its blockbuster merger with dtac.
“We brought together two industry leaders and focused hard on performance, financial discipline and synergy. We modernised networks and infused AI into our customer touchpoints.”
And he’s got cash on his mind. For the first time in over 25 years, True is pledging to pay dividends in 2025, now that it’s cleared its mountain of accumulated losses.
The telco posted a tidy 1.6 billion baht net profit after tax in Q1 2025, a far cry from the red ink of yesteryear. Strip out the one-offs, and that figure jumps to 4.3 billion baht, thanks in part to tighter cost controls and post-merger efficiencies.
Still, Brekke isn’t cracking open the champagne just yet.
“I’m not satisfied with our net profit or overall performance. We need to raise our game, outpace our rivals, and raise the bar on service.”
The pressure’s on, and not just from shareholders. True’s mobile subscriber base shrank by 638,000 in the first quarter, a 1.3% dip from the previous quarter, down to 48.8 million. That’s a 4.4% year-on-year drop, driven by a new focus on quality customers over quantity.
There was a sliver of good news: postpaid users nudged up slightly to 15.3 million, but prepaid numbers fell 2% to 33.5 million, a figure Brekke is keen to turn around. Online subscribers, meanwhile, edged up to 3.8 million, with 5G users hitting 14.2 million, Bangkok Post reported.
Brekke’s eyes are also on the digital horizon. True Internet Data Centre, a CP Group unit, has teamed up with BlackRock’s Global Infrastructure Partners to pump between US$3 and US$5 billion (around 105–175 billion baht) into a new digital infrastructure push, part of True’s ambition to power Thailand’s digital economy.
“A merger is a marathon, but we have to sprint.”
To that end, he’s rolled out a trio of strategic priorities: laser-sharp customer focus, cutting-edge tech, and a motivated workforce. Expect faster integration between True and dtac systems, spruced-up service centres, and a more reliable, AI-driven network.
True also wants to get Thailand buzzing about AI, encouraging both businesses and the public to embrace the tech revolution. Internally, Brekke is keen to forge a unified culture where customer-centric thinking reigns supreme.
With rivals like AIS breathing down their necks, Brekke’s 100-day blitz could make or break True’s bid to bounce back to the top.
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