TM net profit more than doubles to RM538.2mil in 3Q

KUALA LUMPUR: Telekom Malaysia Bhd (TM) is poised to meet its 2023 market guidance based on its current performance trajectory.

“Moving into the last quarter of the year, TM’s business and financial outlook for 2023 remains positive. The group will continue to pursue industry growth through digitalisation and emerging technologies that empower communities, businesses, and the government to maximise shareholders’ value.

“Based on TM’s current performance momentum, the group is on track to achieve its 2023 market guidance,” the telecommunication group said in a filing with Bursa Malaysia.

In the third quarter ended Sept 30, TM‘s profit after tax and non-controlling interest (PATAMI) experienced a surge of

102.9% from RM265.2mil to RM538.2mil, against a revenue of RM3.08bil primarily attributed to a lower tax impact and reduced net finance costs.

TM said the strong performance of two of its business, Unifi and TM Global played a pivotal role in this growth.

Unifi’s fixed broadband subscription increased 4.6% reaching 3.12 million, while TM Global’s revenue increased due to heightened demand for both domestic and international data services.

Unifi recorded 0.7% revenue growth reaching RM1.41bil, propelled by effective convergence campaigns and robust customer retention activities.

TM Global reported a 5.0% revenue increase to RM808.6mil from RM769.9mil, driven by encouraging demand for both domestic and international data services.

The group’s year-to-date (YTD) capital expenditure (Capex) investment stood at RM1.38bil or 15.1% of the overall revenue.

In the first nine months to Sept 30, TM posted a net profit of RM1.4bil, up 46.2% from RM983.1mil posted last year while revenue was flat at RM9.13bil from RM9.14bil.

Group chief executive officer Amar Huzaimi Md Deris said TM’s commitment to advancing quad-play convergence services, coupled with the introduction of attractive and competitive packages, enabled the group to retain and expand its customer base, solidifying its portfolio as the true convergence champion.

“Our relentless pursuit of improving mobile coverage nationwide aligns with our dedication to inclusivity, bridging the digital divide, and fostering widespread digital adoption. By ensuring our services are accessible to all, we contribute to creating a more connected and inclusive society.

“Simultaneously, our aggressive expansion of data and network infrastructure is strategically positioned to meet the growing demands of our domestic market and attract more international players. This is a crucial step towards positioning Malaysia as a digital hub for the region, contributing significantly to the creation of a globally connected digital economy,” he said.