Axiata posts lower 1Q net profit of RM60.03mil

KUALA LUMPUR: Axiata Group Bhd’s net profit for the first quarter ended March 31, 2024 (1Q 2024), decreased to RM60.03 million from RM73.85 million recorded in the previous corresponding period.

However, revenue rose to RM5.66 billion from RM4.99 billion previously.

In a filing with Bursa Malaysia today, the group said that strong revenue growth was mainly driven by excellent performance across all operating companies except for Link Net, while lower net profit was due to forex losses and higher net finance costs.

Axiata said its positive profit trajectory is underpinned by continuous market repair and cost optimisation, in line with the group’s strategic direction, guided by five vectors of value creation - synergies delivery of CelcomDigi, structural transformation in Indonesia, building business resilience in frontier markets, creating sustainable value through infrastructure, and illuminating the value of its digital businesses.

"This strategic framework prioritises sustainable growth while enhancing shareholder value, positioning Axiata as a Sustainable Dividend Company,” it said.

While the operational performance in 1Q is encouraging, Axiata said it recognises that a challenging macro environment persists in frontier markets.

On balance, the group expects revenue and earnings before interest and tax growth to be broadly in line with the headline key performance index. - Bernama

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