Maxis 2Q net profit at RM330 mil, declares 4 sen dividend

09 Aug 2023 04:42pm
Net profit for the cumulative six months was RM650 million versus RM611 million for the corresponding period a year ago. Revenue was also higher at RM4.99 billion against RM4.83 billion.
Net profit for the cumulative six months was RM650 million versus RM611 million for the corresponding period a year ago. Revenue was also higher at RM4.99 billion against RM4.83 billion.
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KUALA LUMPUR - Maxis Bhd’s net profit for the second quarter of the financial year ending Dec 31, 2023 (2Q FY2023) edged up RM330 million from RM322 million previously, driven by growth from consumer businesses, especially postpaid and home connectivity.

Revenue stood at RM2.47 billion versus RM2.42 billion before.

In a Bursa Malaysia filing today, the telecommunication company said that 2Q service revenue, excluding sales of devices, was stable at RM2.11 billion, driven by growth in consumer and enterprise businesses, particularly in core mobile connectivity, versus RM2.08 billion in the same quarter a year ago.

The rise in postpaid revenue and home connectivity revenue was offset slightly by a drop in prepaid revenue as customers migrated to postpaid.

Maxis said it invested RM166 million in capital expenditure 2Q with a priority to maintain network quality. The amount is lower than 2Q 2022 as the group is prudent in network investments following the maturity of its 4G network.

Net profit for the cumulative six months was RM650 million versus RM611 million for the corresponding period a year ago. Revenue was also higher at RM4.99 billion against RM4.83 billion.

Maxis said it remains focused and confident in becoming the leading integrated telco in Malaysia by delivering on its convergence strategy.

"We are on the right track for stable growth in a competitive telco landscape. Our focus will always be on customer experience in terms of products, services, networks and digitalisation. Very soon, we will offer 5G plans with attractive value for all segments,” its chief executive officer Goh Seow Eng said.

There will be an upcoming extraordinary general meeting soon, a statement from the company said. In the meantime, the company said it has expanded its market share leadership and will continue to enhance its product offerings of converged solutions to individuals, homes and businesses, delivering sustainable growth.
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Maxis declared a second interim single-tier tax-exempt dividend of four sen per ordinary share for financial year ending Dec 31, 2023, to be paid on Sept 29, 2023. -Bernama