Maxis' FY2024 Net Profit Jumps 40.6 Pct To RM1.4 Bln, With Service Revenue At Record High

KUALA LUMPUR, Feb 18 (Bernama) -- Maxis Bhd chalked up a 40.6 per cent surge in net profit for the financial year ended Dec 31, 2024 (FY2024) to RM1.4 billion versus RM993 million in the previous year, bolstered by stronger revenue growth and cost optimisation.

Revenue grew 3.5 per cent to RM10.54 billion from RM10.18 billion previously.

The growth was driven by a 3.5 per cent increase in service revenue to reach a record RM8.87 billion as well as a notable 3.7 per cent rise in device revenue to RM1.67 billion, the telecommunication company said in a filing with Bursa Malaysia today.

“The consumer business service revenue growth reflects Maxis' successful strategies in enhancing customer engagement and expanding its service offerings across mobile and home connectivity segments.

“The device revenue growth indicates strong demand for devices, supported by promotional activities and seasonal sales,” it said.

Meanwhile, Maxis said, the enterprise business revenue also saw a robust growth of 6.8 per cent largely due to the introduction of 2G and 4G wholesale services and an increase in enterprise mobile subscriptions.

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In a press statement, chief executive officer Goh Seow Eng said the group has continued to achieve positive results by focusing on what matters most: delivering value to our customers.

“Our sound strategy, combined with disciplined execution, emphasises customer service, network reliability, and operational efficiency, enabling us to expand our offerings and enhance the customer experience across every market segment,” he said.

Maxis said improved revenue and disciplined cost management resulted in a 4.1 per cent year-on-year (y-o-y) increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to RM4.12 billion.

For the fourth quarter (4Q) ended Dec 31, 2024, net profit soared to RM321 million from RM56 million a year earlier. This was largely due to the non-cash adjustments from a reduction in useful lives of certain assets and assets written off in 4Q FY2023.

Revenue rose 1.1 per cent to RM2.77 billion from RM2.74 billion previously, mainly driven by a 2.1 per cent rise in service revenue to RM2.25 billion.

The group declared a fourth interim dividend of 4.0 sen per share and a one-time dividend of 1.0 sen per share.

“The one-time dividend is in consideration of the company’s strong performance for the year, bringing the full-year dividend to 17 sen per share,” it said.

For comparison, Maxis paid a total dividend of 16 sen per share for FY2023, including a 4.0 sen dividend for 4Q.

-- BERNAMA