For Immediate Release
- Consolidated Group revenue increased 12.9% year-on-year
- Consolidated profit after tax of RM453.6 million recorded for FY2022
- Retail and Wholesale led contributions to revenue growth in the year
Shah Alam, 28 February 2023 – TIME dotCom (Time or the Group) recorded another solid performance for the financial year ended 31 December 2022 (FY2022). The Group posted a consolidated group revenue of RM1,575.8 million for FY2022, a 12.9% year-on-year increase over FY2021. The Retail and Wholesale customer segments led contributions to revenue growth while demand for data and data centre offerings remained strong.
For the period under review, the Group’s posted a consolidated profit after tax of RM453.6 million, a 14.3% increase from RM396.8 million in FY2021. The increase can be attributed to higher overall revenue in the current year, improved operational and cost efficiencies as well as a higher gain on disposal of property, plant and equipment.
“2022 has been an exciting year for us. In addition to revitalising our brand, we launched the Time Fibre Home 2Gbps plan which was a timely move in light of our growing Retail business and in line with staying ahead of the market. In the second half of the year, we signed a strategic partnership to accelerate the growth of our AIMS data centre business regionally. We have also continued our journey towards optimising our balance sheet whilst remaining vigilant of the uncertain macro-economic environment around us,” said Afzal Abdul Rahim, Time’s Commander-in-Chief.
The Group declared an ordinary interim and a special interim tax exempt (single tier) dividend of 12.33 sen and 2.36 sen per ordinary share, respectively, for FY2022. The dividends will be paid out on 24 March 2023.
The Group is cautiously optimistic that demand across all customer segments will remain robust, in particular for data and cloud services in the Retail and Enterprise segments. Time will continue to focus on enhancing solutions and customer service experience across all customer segments.
The Group achieved several distinctions in FY2022 that are testament to its environmental, social and governance (ESG) efforts in the areas of service and network quality, customer satisfaction and community development:
- MEF 3.0 SD-WAN certification, making Time one of only two providers in the world with all three headlining certifications from MEF
- Malaysia’s Most Consistent Broadband Provider by Ookla® for Q1-Q4 2022
- Malaysia’s Top-Rated ISP by Ookla® for Q3-Q4 2022
- Launched Pakej MyKabel in November 2022 to cater to Program Perumahan Rakyat residents as part of the Group’s efforts to make gigabit access available to more Malaysians
The Group will continue to look into opportunities and initiatives that could potentially contribute to its ESG efforts in the coming year.
Furthermore, the Group remains committed to expanding its network coverage throughout Malaysia and ensuring strong network availability in support of JENDELA and the government’s aspirations for building a strong digital economy in Malaysia.
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This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (Time) management with respect to future events. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should” and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Time’s control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. Time does not intend or assume any obligation to update these forward-looking statements.
Time is a telecommunications provider that delivers domestic and global connectivity, data centre, cloud computing and managed services to customers across Southeast Asia. Powering Time’s businesses are its fibre optic network assets that span Malaysia, Singapore, Thailand, Vietnam and Cambodia – countries in which it has established operational presence. Time’s network extends beyond the region to deliver international connectivity via its stakes in numerous submarine cables systems across the globe. Time is headquartered in Shah Alam, Malaysia. Visit time.com.my for more information.