Axiata Group Berhad today announced financial results for its fourth quarter and fiscal year 2023 recording revenue of RM5.7 billion a slight increase from the previous year’s quarter of RM5.4 billion, however the group recorded a loss of RM695 million as compared to an RM9.9 billion profit for Q4FY22.
For the full year, the group’s revenue increased to RM22 billion against RM20 billion it recorded in 2022, due to impact from Ncell and Edotco in Myanmar the group saw losses building up to RM1.9 billion
Axiata said the reported PATAMI impacted was by Ncell and EDOTCO Myanmar asset impairment, higher net finance cost and lower share of results of CelcomDigi Berhad relative to Celcom’s contribution as a subsidiary in the previous year.
The group said uncertain and deteriorating operating environment and risk of further value erosion led to the decision of exiting Nepal and Myanmar in FY23. Disposal of Nepal operations was completed on 1 December 2023 while discussion on the sale of EDOTCO Myanmar is ongoing.
Following to the completion of the merger Celcom and Digi on 30 November 2022 and Ncell disposal on 1 December 2023 both Celcom’s and Ncell’s financial results are presented as discontinued operations and comparatives are re-presented accordingly.
EDOTCO Myanmar’s financial results is presented as discontinuing operations in Q4’23 and FY’23 in accordance to the requirements of MFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” and comparatives are re-presented accordingly
Commenting on the result Tan Sri Shahril Ridza Ridzuan, Chairman of Axiata said, “The Group, while continuing towards the path of portfolio transformation, delivered solid results in the fiscal year of 2023 in a challenging cost and operating environment. Tough, decisive actions were taken to exit the deteriorating operating environments of Nepal and Myanmar in FY23. These decisions allow management to focus on assets that can create future value for shareholders.
We remain focused on excellent execution of our strategies to achieve our aspiration as a sustainable dividend company. Considering the Group’s overall performance, the Board of Directors are pleased to declare a second dividend of 5 sen per share for the financial year ended 31 December 2023. This brings the Group’s overall dividend declaration to 10 sen per share for the full year 2023.
The group did declare a tax exempt dividend of 5.0 sen under single tier system per ordinary share of the company in respect of the financial year ended 31 December 2023 (
