In a filing with Bursa Malaysia, it said revenue rose 3.04% to RM5.76 billion from RM5.59 billion previously, mainly contributed by its operating companies (OpCos) except for mobile operations in Sri Lanka and fixed broadband operations in Indonesia.
For the first half of FY2024 (H1 2024), the telecommunications group registered a solid performance with a net profit of RM194.93 million from a net loss of RM502.36 million last year, while revenue grew 7.84% to RM11.42 billion from RM10.59 billion previously.
In a statement, Axiata said year-to-date (YTD) revenue growth of 7.8% was contributed by strong performance from all OpCos except PT Link Net Tbk and Dialog Axiata PLC.
It said the double-digit earnings before interest, tax, depreciation, and amortisation (Ebitda) and earnings before interest and tax (Ebit) recorded growth of 18.7% and 42.9%, respectively, largely contributed by PT XL Axiata Tbk, Smart Axiata Company Ltd, Robi Axiata Ltd, and Edotco Group Sdn Bhd.
“Profit after tax and minority interests (Patami) increased by over 100%, flowing through from Ebit, higher share of results of associates and lower foreign exchange losses, moderated by higher net finance cost and taxation,” it said.
Axiata group CEO and managing director Vivek Sood said despite the sociopolitical and macroeconomic volatilities, the group remains focussed on driving growth and improving margins.
“We have completed the Dialog-Airtel merger in Sri Lanka and initiated a proposed merger discussion between XL Axiata and Smartfren in Indonesia.
“These moves are in line with our strategy of market consolidation towards three major telco operators in each of our markets, where Axiata’s operations either lead or are substantially scaled,” he said.
Vivek added that despite headwinds with recent increased competition in Indonesia and uncertainty due to recent developments in Bangladesh, the group anticipates its revenue growth to meet its full-year targets, while Ebit growth is expected to be ahead of headline key performance indicators.
“Moving forward, we remain focussed on accelerating growth while executing Axiata’s value creation strategy,” he said.
Following its performance, Axiata has declared a first interim dividend of five sen per ordinary share, with entitlement and payment details to be announced soon.
As at 5pm, Axiata’s share price was up by two sen or 0.82% at RM2.46 per share, giving the group a market capitalisation of RM22.59 billion.