In a filing with Bursa Malaysia, the telecommunications group attributed the higher quarterly profit to the closure of a strategic partnership with AIMS worth RM2.262 billion on April 20.

Revenue increased marginally to RM389.2 million from RM351.44 million in Q2 FY2022.

Time commander-in-chief Afzal Abdul Rahim said the group is pleased with its first half of 2023 performance and feels confident of sustained growth moving forward due to the strategic decisions it had made.

“However, we remain vigilant and continue to keep an eye on external conditions that may impact the business,” Afzal said.

The group has declared a single-tier dividend of 16.25 sen per ordinary share, to be paid on Sept 15, 2023.

Moving forward, the group said it is committed to investing in its network, which includes the expansion of its coverage footprint alongside improving its operational excellence.

The initiatives are vital in order to deliver high network reliability, availability and security to its customers, the group explained.

Furthermore, Time said it has continuously refined its strategies to solidify its position across its retail, enterprise and wholesale customer segments.

The group will proceed to monitor the operational and external challenges that could affect the business while continuing to carry out risk mitigation and cost management initiatives to ensure the sustainability of its performance.

At market close today, Time’s share price was up by 5 sen or 0.9% at RM5.60, giving the group a market capitalisation of RM10.34 billion.