Telekom Malaysia's 1Q net profit rises to RM424.81mil

Telekom Malaysia group chief executive officer Amar Huzaimi Md Deris

KUALA LUMPUR: Telekom Malaysia Bhd’s (TM) net profit for the first quarter ended March 31, 2024 (1Q 2024) rose by 28.7 per cent to RM424.81 million from RM330.10 million registered in 1Q 2023.

Revenue increased 1.8 per cent to RM2.84 billion from RM2.79 billion previously, driven by solid performance from TM Global and growth in Unifi’s subscriber base.

In a statement today, TM said Unifi maintained a consistent year-on-year (y-o-y) growth, with fixed broadband subscribers increasing by 1.8 per cent to 3.13 million, driven by convergence marketing strategies, aggressive sales and customer retention programmes.

TM Global saw a 12.1 per cent y-o-y increase in revenue to RM742.8 million in 1Q 2024, fuelled by demand for domestic and international data.

Group chief executive officer, Amar Huzaimi Md Deris said the operating environment remained challenging this year, due to increased competition and evolving market dynamics.

Nevertheless, he said the group has shown a positive growth trajectory in 1Q 2024, evidenced by increased revenue, improved profitability and steady growth in its fixed broadband subscribers, reaffirming its strong position in the market.

Moving forward, he said the group maintained a positive outlook for the current year, noting that to sustain TM’s positive momentum, the group will continue enhancing its retail convergence offerings and value-added solutions in delivering improved customer experience.

It will also maintain a strong focus on modernising its data and network infrastructure, as well as enhancing its business-related offerings to meet current and future digital needs.

"As part of our transformative journey towards becoming a digital powerhouse by 2030, our priorities over the next few years include growing our core businesses, enhancing beyond connectivity through Artificial Intelligence and capturing new business growth to meet future demands.

"In addition, we will continue to optimise costs and enhance profitability to ensure better returns for our shareholders,” he added. - Bernama