BUSINESS

MAXIS POSTS LOWER NET PROFIT OF RM993 MLN FOR FY2023

22/02/2024 04:28 PM

KUALA LUMPUR, Feb 22 (Bernama) -- Maxis Bhd’s net profit for the financial year ended Dec 31, 2023 (FY2023) fell to RM993 million from RM1.15 billion in FY2022.

However, revenue increased to RM10.18 billion from RM9.79 billion a year ago.

In a filing with Bursa Malaysia today, the integrated telecommunications provider said total revenue grew four per cent while underlying service revenue, excluding low-margin wholesale voice services terminated in the fourth quarter of 2022 (4Q 2022), grew 4.2 per cent year-on-year (y-o-y).

As for 4Q 2023, the company’s net profit dropped to RM56 million from RM233 million in the same quarter a year ago, while revenue rose to RM2.74 billion from RM2.55 billion previously.

Maxis said its service revenue grew 2.8 per cent y-o-y to RM8.57 billion driven by growth in consumer mobile and fibre, along with enterprise connectivity and digital solutions.

This resulted in earnings before interest, tax, depreciation, and amortisation (EBITDA) of RM3.96 billion and a normalised profit after tax (PAT) of RM1.35 billion.

PAT grew three per cent y-o-y after FY2022’s Prosperity Tax impact and adjustments and tax settlement in FY2023.

Consumer postpaid revenue grew by 7.5 per cent as a result of a widened range of postpaid plans. 

Prepaid revenue was relatively stable at RM2.6 billion for FY2023.

Maxis recorded RM813 million capital expenditure (capex) in FY2023, while operating free cash flow in FY2023 was lower, impacted by the higher tax paid on Prosperity Tax in 1Q 2023, tax settlement in 4Q 2023 and the advance payment to Digital Nasional Bhd under the conditional share subscription agreement in December 2023.

The company declared an interim dividend of four sen per share, bringing the full-year dividend to 16 sen per share.

-- BERNAMA


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