Shah Alam, March 6 - TIME dotCom Bhd last week reported a strong financial performance, with higher contributions from all its product segments and customer groups in the financial year ended December 31, 2016 (FY 2016).
The Group reported a 12.4% increase in revenue (FY2016: RM766.9 million | FY2015: RM682.4 million) as data, data centre and voice revenues saw a year-on-year increase of 10.8%, 23.6% and 11.8%, respectively.
Operating profit was 16.7% higher at RM199.1 million versus RM170.6 million a year earlier on the back of the strong revenue growth and improved cost efficiencies, while core pre-tax profit (excluding the realisation of fair value gains from available for sale reserves, dividend income and foreign exchange gains) grew 42.0% to RM198.4 million (FY2015: RM139.7 million).
“We had a strong year in 2016. Our performance is evidence that TIME continues to be on a solid footing and we Iook forward to unlocking more potential in the coming years,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.
For the fourth quarter of 2016 (Q4 2016), TIME achieved consolidated revenue of RM221.6 million, 27.7% higher than the previous year’s RM173.5 million. Spurred by strong sales, operating profit for the period stood at RM66.9 million (Q4 2015: RM32.9 million). The Group also reported a Q4 2016 pre-tax profit of RM70.1 million (Q4 2015: RM36.6 million).
In the past year, the Group achieved several milestones towards realising its vision of a more connected ASEAN.
On June 30 2016, TIME’s Trans-Pacific capacity was boosted by the completion of the FASTER submarine cable system while the highly-anticipated completion of the Asia Pacific Gateway (APG) on 28 October 2016 further boosted the Group’s global bandwidth capacity and network reach.
The Group launched Malaysia’s fastest and most competitively priced fibre home broadband service – offering speeds of up to 500Mbps – on 23 March 2016. The campaign has been instrumental in growing TIME’s Retail customer base.
“We’re very encouraged by the take up of our new TIME Fibre Home Broadband plans,” added Afzal. “Our efforts to bring Malaysia up to speed have been worthwhile and we’re glad to see other players in the market getting on board and increasing their offerings.”
For the financial year under review, TIME declared an interim ordinary tax-exempt (single tier) dividend of 6.60 sen per ordinary share and a special interim tax-exempt (single tier) dividend of 10.70 sen per ordinary share. These will be paid out on March 31, 2017.