Axiata said its positive profit trajectory is underpinned by continuous market repair and cost optimisation.
KUALA LUMPUR: Axiata Group Bhd
’s net profit for the first quarter ended March 31, 2024 (1Q24) decreased to RM60.03mil from RM73.85mil recorded in the previous corresponding period.
However, revenue rose to RM5.66bil from RM4.99bil previously.
In a filing with Bursa Malaysia, the group said the strong revenue growth was mainly driven by excellent performance across all operating companies except for Link Net, while the lower net profit was due to foreign exchange losses and higher net finance costs.
Axiata said its positive profit trajectory is underpinned by continuous market repair and cost optimisation, in line with the group’s strategic direction.
This is guided by five vectors of value creation – synergies delivery of CelcomDigi, structural transformation in Indonesia, building business resilience in frontier markets, creating sustainable value through infrastructure, and illuminating the value of its digital businesses.
“This strategic framework prioritises sustainable growth while enhancing shareholder value, positioning Axiata as a sustainable dividend company,” it said.
While the operational performance in 1Q24 is encouraging, Axiata said it recognises that a challenging macro environment persists in frontier markets.
On balance, the group expects revenue and earnings before interest and tax growth to be broadly in line with the headline key performance index. — Bernama
