Thursday, June 1, 2023

TIME dotCom reports Financial Results for 9M 2022

TIME dotCom (Time or the Group) announced its financial results for the nine-month period ended 30 September 2022 (9M 2022) last week.

time dotcom hq building

Time recorded a consolidated Group revenue of RM1,150.5 million, a 12.2% increase over the same period in 2021. All core customer segments contributed to revenue growth, led by Retail and Wholesale. The Group also saw a continued healthy demand for its data and data centre offerings.

The Group’s consolidated profit before tax for 9M 2022 increased by 13.5% to RM440.5 million when compared to the RM388.0 million for same period of the preceding year. The increase can mainly be attributed to higher overall revenue in the nine-month period, a higher share of profit from associates and a higher net gain on foreign exchange.

Consolidated profit after tax for the reporting period grew 14.9% to RM329.3 million from RM286.6 million in 9M 2021.

“Continued resilience in the demand for our product and service offerings is very encouraging. Having said that, we constantly assess business opportunities as they crop up. One such opportunity materialised for our data centre business, and we’re excited to have entered a partnership that allows us to supercharge the expansion of AIMS across Asia. In addition to the boost to our data centre business, proceeds from this partnership gives us the ability to invest into the Group for continued growth,” said Afzal Abdul Rahim, Time’s Commander-in-Chief.

Operational and financial performance for the Group remained strong in 9M 2022, it said. This was driven by sustained demand for Time’s products and service offerings, a trend seen across all core customer segments. The Group added it will continue to sustain operational resilience and capture business opportunities.

On 22 November 2022, Time announced it had partnered with affiliates of DigitalBridge Group, Inc (DigitalBridge) to accelerate the expansion of its data centre business across Asia. This strategic move was made to capture significant opportunities in underserved markets across Asia with a demand for highly connected, ecosystem-centric data centres. The partnership allows the Group to crystallise substantial value from investments made in Time’s data centre business, of which, part of the proceeds will be reinvested into the Group to further drive shareholder value.

Prospects for the year remain encouraging on the back of strong demand momentum and expanded coverage. Time is mindful of external factors and remains watchful to ensure its responsiveness and ability to quickly mitigate risks.

As Time works towards expanding its footprint, network availability and stability as well as the health and safety of its employees and stakeholders remain top priorities for the Group, it concluded in a statement.

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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