In its Annual Report 2020 released today, it said the inherent challenge of price erosion, market saturation and stiff industry competition are expected to persist in FY21.
"However, recent government initiatives such as the National Digital Network Plan (JENDELA), MyDIGITAL blueprint, Digital Economy Council and National 4IR (Industry 4.0) will support the development of the industry and provide opportunities for TIME.
"The implementation of 5G infrastructure and Industry 4.0 practices will push the adoption of technology and digital transformation across key economic sectors," it said.
TIME said in FY2020, it posted a 10 per cent year-on-year (y-o-y) increase in consolidated group revenue to RM1.22 billion, compared to RM1.11 billion in FY2019 from all products with the exception of the voice product segment.
"All core customer groups contributed positively to overall revenue growth in FY20, led by contributions from the retail and wholesale customer segments.
"Malaysia remained the largest contributor to revenue, accounting for 94 per cent of total group revenue with the balance derived from overseas operations," said TIME.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in FY20 rose to RM567.1 million, which is 18 per cent higher y-o-y from RM479.8 million previously.
"The group’s profit after tax was RM326.9 million, which was higher by 4 per cent compared to FY19," it added.
Chairman Abdul Kadir Md Kassim said the growth in revenue can be attributed to the group's robust business model with its diverse range of products and services, both locally and regionally.
"We were able to quickly adapt to serve the needs of the market as the effects of the pandemic moved people from working in the office to working from home and digital adoption across all businesses ramped up," he said.
According to Abdul Kadir, the group has also made good progress on their regional data centre expansion plans with the opening of AIMS @ Bangkok in September 2020 and the subsequent inking of a partnership between AIMS @ Bangkok and the Bangkok Neutral Internet eXchange to enhance its regional network. - Bernama