MAXIS 3Q NET PROFIT RISES 27.5 PCT TO RM366 MLN, DECLARES 4 SEN DIVIDEND

KUALA LUMPUR, Nov 8 (Bernama) -- Maxis Bhd’s net profit surged 27.5 per cent to RM366 million for the third quarter ended Sept 30, 2024 (3Q 2024) from RM287 million in the same period last year, driven by both higher service revenue as well as prudent cost management.

The telecommunications company said its revenue rose by 5.5 per cent to RM2.58 billion in 3Q 2024 against RM2.44 billion previously, contributed by growth in both service revenue of 3.2 per cent and device revenue of 22.2 per cent.

Year-on-year, earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 3Q 2024 increased RM119 million, arising from an increase in total revenue net of its associated costs, as well as reduced staff costs as 3Q 2023 recorded a one-off manpower rationalisation costs.

“Maxis was prudent with its capital expenditure investments in 3Q 2024, hence spending less in comparison with 3Q 2023. Operating free cash flow for the quarter was lower due to higher tax paid,” the company said in a filing with Bursa Malaysia.

For the nine months ended Sept 30, 2024, its net profit grew to RM1.07 billion from RM937 million a year earlier, while revenue was higher at RM7.76 billion compared with RM7.43 billion previously.

Looking ahead, the company said it will assess available options in consultation with all stakeholders, following the Malaysian Communications and Multimedia Commission’s (MCMC) announcement of U Mobile Sdn Bhd as the selected mobile network operator to build and operate the nation’s second 5G network.

“We will continue to provide 5G services to customers through our existing access agreement with Digital Nasional Bhd,” it said.

Maxis declared a third interim single-tier tax-exempt dividend of four sen per share for the financial year ending Dec 31, 2024, payable on Dec 23, 2024. The ex-date is on Nov 22, 2025, with the entitlement date on Nov 25, 2024.

-- BERNAMA