Saturday, December 3, 2022
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TIME dotCom reports Financial Results for 9M 2021

TIME dotCom (the Group) announced its financial results for the nine-month period ended 30 September 2021 (9M 2021) last Friday, posting consolidated Group revenue of RM1,025.3 million.

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The Internet company said that the 12.9% year-on-year increase was a result of higher revenues from the data centre and data product groups, with the highest contributions coming from the Retail and Enterprise customer segments.

The Group’s consolidated profit before tax for the period under review increased by 23.7% to RM388.0 million from RM313.8 million for the same period of the preceding year. The increase was attributed to higher overall revenues, a higher share of profits from associates as well as a higher net gain on foreign exchange.

“The Group’s operational and financial performance has been robust for the past nine months and we are optimistic that the Group’s growth will gain traction as the country moves into Phase 4 of the National Recovery Plan,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.

TIME dotCom declared a special interim tax exempt (single tier) dividend of 8.22 sen per ordinary share in light of its strong profitability and healthy cash balance. The dividend will be paid out on 22 December 2021.

Following a slower start to the year due to the COVID-19 pandemic, it said the country has made progress with the gradual reopening of the economy. Demand for TIME’s products and services has remained resilient, particularly in the Retail and Enterprise segments, and the Group anticipates market demand will pick up as the economy recovers.

Network availability and stability remains a top priority for TIME dotCom alongside safeguarding the health and safety of its employees and stakeholders, it added.

The Group is also committed to expanding its domestic network footprint in line with the Government’s aspiration towards building a stronger digital economy. TIME will also continue to innovate to deliver products and services that exceed market expectations. This is reinforced by the Group’s new data centre, AIMS Cyberjaya, coming into operation to meet increasing market demand.

Regionally, the Group will continue to strengthen its strategic position in the cloud and data centre space while continuing to meet cross-border connectivity requirements of its customers.

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

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