KUALA LUMPUR: Telekom Malaysia Bhd reported a lower net profit of RM396.4 million for the second quarter of 2024, down 30 per cent from RM568.7 million in the same quarter last year.
Its revenue dipped slightly by 1.7 per cent to RM2.9 billion from RM2.95 billion, primarily due to a decline in voice services, although revenue from internet and data services continued to grow steadily.
The company recorded a 14.5 per cent increase in earnings before interest and tax to RM1.26 billion, up from RM1.10 billion in the same period last year, driven by a sustained focus on improving operational efficiency and cost management.
For the first half of 2024 (1H24), TM's operating revenue remained stable at RM5.74 billion.
However, profit after tax and non-controlling interests (Patami) for 1H24 declined by 8.6 per cent to RM821.2 million, attributed to a one-off tax credit in 2023.
The telecommunications company announced a higher interim dividend of 12.5 sen per share, totaling RM479.7 million, an increase from the 9.5 sen per share interim dividend declared in the previous year.
TM group chief executive officer Amar Huzaimi Md Deris said the company is actively seeking new business opportunities through strategic partnerships, including the recent collaboration with Singtel's Nxera to develop a sustainable, hyperconnected AI-ready mega data center in Johor.
"This initiative will support high-performance computing and future cloud and AI applications for hyperscalers and tech providers.
"Simultaneously, we remain committed to supporting Malaysia's 5G ecosystem, ensuring that Malaysians benefit from the latest advancements in connectivity and digital services.
"We are focused on strengthening our core fundamentals, managing costs effectively, and seizing growth opportunities to ensure we stay well-positioned for the future," he said.
Amar noted that TM remains steadfast in driving the aspiration to become a Digital Powerhouse by 2030, while positioning Malaysia as the digital hub for the region.