Friday, March 24, 2023

TIME dotCom reports Q1 2022 Financial Results

TIME dotCom (TIME or the Group) announced its financial results for the quarter ended 31 March 2022 with a consolidated Group revenue of RM369.4 million or an 11.5% year-on-year growth. All core customer groups, namely Retail, Enterprise and Wholesale, contributed to revenue growth, owing to resilient demand for data centre and data offerings from the Group.

time dotcom hq building

Consolidated profit before tax for the period under review eased 1.7% to RM123.3 million compared to the RM125.4 recorded for the same period of last year. This can mainly be attributed to higher depreciation charged for property, plant and equipment and right-of-use assets as well as higher staff-related costs and the impact of foreign exchange movements.

“We are happy with the solid start to the year. We are cautiously optimistic that demand for TIME’s product and service offerings will continue to chart growth with the reopening of the economy. Strategically, the Group remains invested in network expansion to support connectivity needs as well as help the nation achieve its digital economy objectives.

Regionally, we are still seeing a healthy level of demand for both cross-border connectivity and data centre offerings. We will continue to innovate our products and services in order to meet customer requirements,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.

FY2022 saw a solid start to the Group’s performance, both operationally and financially, it said. This was reflected in the Group’s financial results with growth recorded across all of TIME’s core customer segments.

As the nation ramps up economic activities across the board following the transition into endemicity, TIME is cautiously optimistic that demand for connectivity and digitalisation solutions will also grow. TIME is more dedicated than ever to its promise of delivering network availability and stability to its customers while ensuring the health and safety of its employees and stakeholders, it claims.

Regionally, the Group will continue to capitalise on opportunities in the cloud and data centre space while meeting demand for cross-border connectivity through its ASEAN operations.

The Group remains vigilant and will monitor developments in both the domestic and global economy as well as geopolitics and any associated risks they may have on the Group.

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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