Time Delivers Solid FY2024 Results

   

Shah Alam, 26 February 2025 – TIME dotCom (Time or the Group) closed the year with sustained performance, achieving solid financial growth amidst a rapidly evolving telecommunications landscape. For the period ended 31 December 2024, the Group reported consolidated revenue of RM1,690.2 million, an increase of 6.2% compared to the same period of the previous year, reflecting the continued demand for the Group’s data and connectivity offerings.

 

The Group reported a consolidated profit after tax from continuing operations of RM385.5 million for FY2024, an increase of 32.1% compared to the same period of the previous year. This was driven by overall revenue growth, improved operational efficiencies and cost discipline initiatives.

 

“We are pleased with our performance for 2024, despite an increasingly competitive domestic market. We remain committed to expanding our network and enhancing service quality to deliver the best experience to our customers,” said Afzal Abdul Rahim, Time’s Commander-in-Chief.

 

Dividend
The Board declared an ordinary interim and a special interim tax exempt (single tier) dividends of 10.42 sen and 5.27 sen per ordinary share respectively for the financial year ended 31 December 2024.

 

With the Group’s solid profitability and healthy cash balance, the Board also declared an additional special interim tax exempt (single tier) dividend of 22.18 sen per share, in line with the Group’s efforts for balance sheet optimisation. The total payout amounts to RM700.2 million and will be paid on 27 March 2025.

 

Outlook
As the telecommunications industry continues to evolve, the Group remains focused on driving long-term sustainable growth. The Group will continue to monitor market developments while investing in network expansion, digital transformation and enhanced customer solutions to maintain its competitive edge.

 

The Group has made strong progress in its sustainability efforts toward its Net Zero ambitions by 2050, further details of which will be made available in due course.

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This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (Time) management with respect to future events. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should” and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Time’s control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. Time does not intend or assume any obligation to update these forward-looking statements.

 

Time is a telecommunications provider that delivers domestic and global connectivity, data centre, cloud computing and managed services to customers across ASEAN. Powering Time’s businesses are its fibre optic network assets that span Malaysia, Singapore, Thailand, Vietnam and Cambodia – countries in which it has an established operational presence. Time’s network extends beyond the region to deliver international connectivity via its stakes in numerous submarine cable systems across the globe. Time is headquartered in Shah Alam. Visit https://www.time.com.my for more information.