Home / Malaysia Broadband / Time dotCom / TIME Records Sustained Growth for FY2020

TIME Records Sustained Growth for FY2020

TIME dotCom Berhad recorded a consolidated Group revenue of RM1,223.2 million for the financial year ended 31 December 2020 (FY2020). This represents a 9.8% increase over the same period of the preceding year with Retail and Wholesale customer groups leading the contributions to revenue growth. The Group’s Data and Data Centre product groups recorded higher sales resulting in year-on-year revenue growth of 10.7% and 8.6%, respectively.

time dotcom

The Group’s consolidated profit before tax grew to RM423.1 million for the period under review, a RM95.0 million increase over the RM328.1 million recorded for the same period in FY2019. The increase can be attributed to higher overall revenue, higher dividend income and a higher share of profits from associates.

“The Group has stayed resilient in 2020, owing to the solid fundamentals and long-term strategies we have in place that have allowed us to navigate this unprecedented year. We will continue to monitor external factors and developments impacting the business and are ready to adapt to any challenges that 2021 may bring,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.

For the financial year under review, TIME dotCom declared an ordinary interim and a special interim tax exempt (single tier) dividend of 12.50 sen and 20.60 sen per ordinary share, respectively. The dividends will be paid out on 30 March 2021, it said.

According to TIME dotCom, the first half of 2021 will continue to be challenging amid uncertainties arising from the ongoing COVID-19 pandemic. The Group’s priorities remain on striving for 100% network availability and stability as it continues to strengthen and improve its existing domestic fibre network for coverage footprint expansion. Through the Group’s strategic acquisition of AVM Cloud, one of Malaysia’s leading cloud service providers, it is now able to offer a more meaningful and comprehensive suite of solutions to its Enterprise customers.

The Group also looks forward to the upcoming launch of its wholly owned data centre facility in Cyberjaya that is expected to contribute to future medium-term revenue growth and the Group’s plans to establish itself as a key regional data centre player. Furthermore, the TIME dotCom said it will also continue to leverage on the increasing demand for cross-border connectivity as it works with its partners in Thailand, Vietnam and Cambodia.

About Kugan

Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy