Thursday, October 6, 2022
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TIME dotCom reports 1H 2022 Financial Results

TIME dotCom (TIME or the Group) recently announced its results for the period under review ended 30 June 2022. TIME registered a consolidated Group revenue of RM742.9 million or a 9.5% increase for 1H 2022 against the same period for 2021. Growth was seen across all core customer segments, led by Retail and Enterprise, as demand for the Group’s data and data centre offerings remained healthy.

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The Group’s consolidated profit before tax for 1H 2022 grew to RM280.5 million, an 11.8% increase over the RM250.9 million for the same period of the preceding year. Consolidated profit after tax grew 13.8% year-on-year, from RM184.9 million to RM210.5 million.

“We are pleased that demand for TIME’s product and service offerings has continued, contributing to our solid results. We continue to stay on course in our strategic push for network expansion to support both the nation’s connectivity needs and its digital economy objectives. The level of demand for connectivity remains encouraging and the Group will continue to tap this area for future growth,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.

The Group declared a special interim tax exempt (single tier) dividend of 16.34 sen per ordinary share in light of its solid profitability, healthy cash balance and in line with its balance sheet optimisation programme. The dividend will be paid out on 27 September 2022.

TIME said it has sustained its growth for 1H 2022, on the back of its strategy of network expansion and ensuring cost efficiencies. Economic activity has continued to pick up and the Group is optimistic as it positions itself to serve the connectivity and digitalisation needs of the markets it serves. Network availability and stability for its customers remains a priority to TIME as it works to ensure the health and safety of its employees and stakeholders.

Demand for TIME’s services and offerings in the region continues to grow as the Group capitalises on these opportunities, leveraging its seamless cross-border connectivity. 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
Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy

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