BUSINESS

TM NET PROFIT SOARS TO RM1.14 BLN IN FY2022 ON HIGHER OPERATING PROFITS

28/02/2023 07:17 PM

KUALA LUMPUR, Feb 28 (Bernama) -- Telekom Malaysia Bhd’s (TM) net profit surged to RM1.14 billion in the financial year ended Dec 31, 2022 (FY2022) from RM895.21 million achieved in FY2021, amid higher operating profits and lower financing cost.

Revenue rose to RM12.12 billion in FY2022 from RM11.53 billion previously, the telecommunication group said in a filing to Bursa Malaysia today.

“The group’s operating revenue increased 5.1 per cent to RM12.12 billion from RM11.53 billion recorded during the previous financial year; the increase recorded from Internet and multimedia, data, non-telecommunication services, as well as voice.  

“Despite higher depreciation cost in the current financial year from the group’s revision in useful life for certain network and last-mile elements including fibre optic cables, the strong year-on-year (y-o-y) revenue growth resulted in a 22.9 per cent increase to the group’s operating profits before finance cost, reported at RM2.08 billion compared with RM1.7 billion in 2021,” it said.

In the fourth quarter of FY2022, TM’s net profit increased to RM160.18 million against RM79.94 million recorded in the same quarter of FY2021, while revenue fell 5.5 per cent to RM2.98 billion from RM3.15 billion previously, on the back of the decline from other telecommunication-related services, voice and data.

On outlook, TM said it would continue to invest and strengthen the momentum in its core business and new growth areas beyond connectivity.

In improving its competitive edge, the group has embarked on an internal reorganisation involving the transfer of its telecommunication business in Malaysia to a single operating entity, TM Technology Services Sdn Bhd, formerly known as Webe Digital Sdn Bhd, anticipated to complete by Dec 31, 2023.

“The internal reorganisation which includes Unifi, TM One and TM Global, will reinforce TM’s fixed-mobile convergence position, further improve operational efficiencies and deliver a more seamless customer experience,” it said.

On the back of higher technology costs and industry development in terms of regulatory policy and 5G, TM said it is cautious of the general economic headwinds which might lead to slower market growth and measured spending by customers, businesses and the public sector.

-- BERNAMA 

 

 


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