KUALA LUMPUR, May 17 — Maxis Bhd’s net profit rose to RM353 million for the first quarter ended March 31, 2024 (1Q 2024) from RM320 million in 1Q 2023, driven by higher service revenue.

Revenue for the quarter increased by 3.0 per cent year-on-year (y-o-y) to RM2.6 billion from RM2.5 billion previously.

This growth was attributed to a 3.3 per cent rise in service revenue for the consumer business and a 6.0 per cent increase for the enterprise business, it said in a filing with Bursa Malaysia.

Maxis also declared a first interim dividend of four sen per share, to be paid on June 24, 2024.

In a statement today, the telecommunications company (telco) said on the back of strong revenue growth, earnings before interest, tax, depreciation, and amortisation strengthened by 7.4 per cent y-o-y to RM1.04 billion as margins improved.

“Maxis’s consumer business registered a 3.3 per cent increase due to higher postpaid and home connectivity revenue, while postpaid revenue grew by 5.4 per cent, driven by our wide range of offerings catering to every segment.

“Meanwhile, prepaid remained resilient despite intense competition as tailored offerings for target segments led to subscriber growth,” it said.

Maxis’s enterprise business recorded 6.0 per cent revenue growth from stronger fixed connectivity and enterprise solutions performance, it added.

The telco said it continues to manage capital expenditure efficiently with a focus on value creation, investing RM106 million during the quarter into network capacity expansion, fibre rollouts and information technology digitalisation.

“This disciplined approach is our commitment to support the nation’s 5G rollout, where it is fully aligned with the government’s decision on the 5G delivery model and is ready to build another 5G network,” it said.

Chief executive officer Goh Seow Eng said Maxis’s healthy 1Q 2024 performance validates its integrated telco growth strategy.

“With our focused investments in our network and digitalisation, we are confident that we will continue to meet the connectivity needs of our customers,” he said. — Bernama