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TM sees net profit doubling to RM538.19 mil in 3Q | Scoop
Telekom Malaysia Bhd’s net profit has doubled to RM538.19 million during the third quarter this year. – Scoop pic, November 23, 2023
News

TM sees net profit doubling to RM538.19 mil in 3Q

This is due to lower tax impact, decreased net finance costs, report says

Bernama
Updated
6:37 PM MYT

 

KUALA LUMPUR – Telekom Malaysia Bhd’s (TM) net profit doubled to RM538.19 million during the third quarter (3Q) ended September 30, 2023, a 102.9% increase from RM265.20 million recorded in the same quarter last year, due to lower tax impact and reduced net finance costs.

Revenue, however, eased to RM3.08 billion against RM3.16 billion previously, the group said in a filing with Bursa Malaysia today.  

For the cumulative nine months (9M) of 2023, the group’s net profit surged to RM1.44 billion from RM983.11 million last year, while its revenue was slightly lower at RM9.13 billion against RM9.14 billion previously.  

In a statement to the bourse, the group said the strong performance of TM’s two lines of 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,” it said.

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

“Our relentless pursuit of improving mobile coverage nationwide aligns with our dedication to inclusivity, bridging the digital divide, and fostering widespread digital adoption. 

“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,” he said.   

He added that 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. 

According to Amar Huzaimi, TM supports the recently launched New Industrial Master Plan 2030 and is well-positioned to unlock technological opportunities whilst driving innovation for the nation and key economic sectors. 

“In summary, these initiatives underscore our goals to foster digitalisation and emerging technologies. 

“Our comprehensive approach reflects TM’s position as a trailblazer in the ever-evolving landscape, with a clear focus on driving positive change and shaping the future of digital connectivity,” he added. – November 23, 2023

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