TIME dotCom Berhad (“TIME” or “the Group”) announced its financial results for the half year period ended 30 June 2020 (“1H 2020”) today. The Internet service provider said that it continues to focus on ensuring 100% network availability and stability for its customers as Malaysia remains on guard in facing the COVID-19 situation.
TIME recorded a consolidated Group revenue of RM598.8 million for 1H 2020, a 10.8% increase in revenue over the same period of the preceding year. This was a result of higher sales across all core product segments. Recurring revenue from data, data centre and voice grew 11.7%, 7.2% and 0.4%, respectively. All core customer groups also contributed to revenue growth, led by the Retail and Wholesale customer groups.
The Group recorded a profit before tax of RM223.5 million for 1H 2020, and ended the period with cash and cash equivalents of RM480.2 million as of 30 June 2020.
“Owing to the longer term approach that we’ve always taken towards the business, we’ve been able to continue driving growth for 1H 2020. Coverage expansion and service quality remain key priorities for the Group as we support our customers in an increasingly digital environment,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.
The economy is expected to face continued uncertainties and challenges arising from the COVID-19 pandemic, despite the country focusing on returning to normalcy, it said. The impact of COVID-19 on the Group’s business has so far been modest and the impact has mostly been felt from the hospitality, tourism and aviation sectors. TIME remains vigilant and continues to closely monitor any changes and developments related to the COVID-19 pandemic. The Group is focused on adopting pro-active measures to safeguard all its employees, while minimising potential disruptions to its operations.
Over the medium-term, the Group added that it continues to support the Malaysian government in its national telecommunications objectives by strengthening and improving its existing domestic fibre network infrastructure as it concurrently intensifies efforts to expand its coverage footprint.
On the regional front, the Group will continue working with its partners in Thailand and Vietnam to tap on the increasing demand for cross border connectivity across the ASEAN region. Towards the goal of establishing the Group as a key regional data centre player and operator, the Group has embarked on the construction of a new data centre in Bangkok, Thailand, built in partnership with its associate Symphony Communications Public Company Limited, as well as, a new wholly owned data centre in Cyberjaya, Malaysia. Both data centres are expected to be operational by the end of the year and will serve to ensure continued future revenue growth and benefit the Group strategically in the longer term.