KUALA LUMPUR: Telekom Malaysia Bhd (TM) posted a higher net profit of RM424.81 million in the first quarter ended Mar 31, 2024 (Q1 2024), up 28 per cent from RM330.1 million in Q1 2023 on the back of higher revenue.
The group saw its revenue increased by 1.8 per cent to RM2.84 billion, driven by solid performance from TM Global and growth in Unifi's subscriber base.
Its capital expenditure (capex) stood at RM204.0 million, or 7.2 per cent of its revenue.
These investments were aimed at expanding the group's network infrastructure nationwide and regional submarine cable systems.
Tm said Unifi maintained consistent year-on-year (YoY) growth with a 1.8 per cent increase in fixed broadband subscribers, reaching a total of 3.135 million.
This was driven by convergence marketing strategies, aggressive sales and customer retention programmes.
TM One, the enterprise and government sector business solutions arm of TM continued to adapt to market dynamics while seeking new opportunities for growth. During the quarter under review, it recorded a revenue of RM673.0 million.
TM Global saw a 12.1 per cent YoY increase in revenue to RM742.8 million in Q1 2024, fuelled by demand for domestic and international data.
"Entering 2024, the operating environment remains challenging due to increased competition and evolving market
dynamics.
"Nevertheless, the group has shown a positive growth trajectory in the first quarter of 2024.
"This is evidenced by increased revenue, improved profitability, and steady growth in our fixed broadband subscribers, reaffirming our strong position in the market."
TM added that to sustain its positive momentum, it will continue enhancing our retail convergence offerings and value-added solutions in delivering improved customer experience.
"At the same time, we maintain a strong focus on modernising our data and network infrastructure, as well as enhancing our business-related offerings to meet current and future digital needs," said chief executive officer Amar Huzaimi Md Deris.
Moving forward, he said TM prioritises efforts to grow its core businesses, embedding artificial intelligence (AI) and
capturing new business growth to meet future demands.
"In addition, we will continue to optimise costs and enhance profitability to ensure better returns for our shareholders," he added.
TM maintained a positive outlook for the current year, staying aligned with the previously provided 2024 guidance.
