Maxis reported its fourth quarter and full year financial results for 2023, with the group recognising a drop in profit after tax from RM233 million to RM56 million, revenue however was higher at RM2.74 billion against RM2.55 billion recorded in Q4FY22.
Full year results for FY23 saw revenue increasing to RM10.1 billion as opposed to RM9.78 billion in FY2022, the increase of 4.0% in revenue Maxis said was due to the widened range of postpaid plans that was successful in growing consumer postpaid subscribers, therefore growing consumer postpaid revenue by 7.5%.
Profit after tax however dropped from RM1.15 billion to RM993 million, EBITDA was relatively flat against FY22 despite cost incurred in Q3FY23 pertaining to manpower rightsizing it said. Excluding this, EBITDA would be 2.7% higher. EBIT and profit before tax was affected by the non-cash adjustments from reduction in useful lives of certain assets and assets write-off, excluding which it was up 3.3% and 1.9% respectively. Profit after tax was higher in the current year as FY2022 was impacted by the charges for Prosperity Tax, offset by the adjustments and tax settlement in FY2023, excluding which profit after tax grew 3.0% year-on-year.
Maxis’ Consumer business grew 3.7%, surpassing the RM7 billion service revenue mark for the year. Postpaid revenue increased 7.5% YoY in tandem with subscriber growth. Since introducing its 5G plans in August 2023, the Company has expanded 5G offerings across all its mobile plans to deliver greater value. Home broadband subscribers grew to 750,000 households, supported by strong fibre broadband uptake.
Meanwhile, Maxis’ Enterprise business’ overall revenue grew 6.4% from growth in all product categories, including mobile, fixed connectivity and enterprise solutions, contributed by contract wins. As an integrated telco, Maxis continues to meet the connectivity and digital needs of enterprises of all sizes.
Postpaid mobile maintained momentum with healthy subscriber growth of 7.6%, bringing the total number of postpaid subscriptions to 3.60 million. The Company has widened its range of Postpaid plans to cater to a wider market, including its
enhanced 5G Postpaid offerings. This contributed to the 7.5% growth in revenue to RM3,520 million.
Prepaid mobile subscriptions grew by 1.6% to 5.88 million, contributing to revenue of RM2,619 million.
The Company declared an interim dividend of 4 sen per share, bringing the full year dividend to 16 sen per share.
