TIME dotCom (Time) announced its financial results for another quarter of resilient performance. Consolidated group revenue for the quarter ended 31 March 2023 stood at RM417.2 million, an increase of 12.9% over the same period of the previous year.
Retail and wholesale customer segments continued to lead contributions to revenue growth while market demand for data and data centre offerings from the group persisted.
The group’s consolidated profit after tax grew to RM114.4 million, a 25.3% increase from RM91.3 million in the financial year 2022. The increase can be attributed to higher overall revenue, higher share of profit from associates, higher net gain on foreign exchange, partially offset by higher depreciation on property, plant and equipment and higher staff cost.
“The group is pleased with its performance for quarter one 2023. The strategic decisions we have made in the past continue to yield higher shareholder returns on the back of healthy profitability and solid fundamentals. We are also happy to have closed on the partnership with DigitalBridge for our AIMS data centre business, and look forward to the next chapter on that front,” said Time Commander-in-Chief Afzal Abdul Rahim.
Dividend
On 28 April 2023, the group declared a special interim tax exempt (single tier) dividend of 54.40 sen per ordinary share for the financial year ending 31 December 2023. The dividend will be paid out on 26 May 2023.
Outlook
The group expects that demand for products and services across its core customer segments will persist. To meet this demand, the group will continue to expand its network coverage and ensure high reliability and availability of its network.
This will also be in support of JENDELA and the government’s aspirations for building a strong digital economy in Malaysia. In parallel, the group remains focused on enhancing operational excellence and improving customer experience through innovation. Regardless, the group continues to be vigilant of existing and emerging risks and the potential impacts that may have on the business.
