Axiata Group Berhad is very optimistic on its future after its Annual General Meeting with shareholders, the group has strong backing from the board in realising all its vision and strategies including the 2024 ambition of becoming the “Next Generation Digital Champion”.
Despite intensive competition, Axiata ended 2020 with revenue steady at RM24.2 billion (-1.5%) and EBITDA of RM10.7 billion (+0.4%) and operating free cash flow of RM3.3 billion (+73.1%), correspondingly, recording a strong balance sheet with high cash balance at RM7.2 billion. This strong position will allow the group to continue invest in advanced technologies and network infrastructure, enhance customer experience and supporting governments in the collective response to the accelerated pace of digitisation taking place globally.
The growth momentum can be further illustrated in its Digital’s businesses which is looking to be profitable by 2022. Both of its strong assets, Boost Holdings which recently formed partnerships with RHB Banking Group for a digital bank license and ADA a digital analytics and AI business that got Softbank excited, are being targeted to become the groups unicorns and possibly Malaysia’s first.
Other part of the group namely on its tower infrastructure company, edotco is also looking to expand into new territories, including the upcoming rollout of 5G.
Axiata’s President & Group Chief Executive Officer Dato’ Izzaddin Idris in summarising the the groups strategy called it Triple Core business strategies of Digital Telcos, Digital Businesses and Infrastructure which are actively pivoting to support the group’s value creation efforts. “I am confident Axiata stands ready for its next chapter – to actively support communities, governments and businesses in their transition towards a digital-led future” he concluded.