Full-year operating profits up by 61% to RM118.0 million
Full-year core PBT grew 58% to RM116.2 million
Full-year revenue rose 31% to RM548.3 million
Local and global data demand drove earnings in 2013
Formalises first-ever dividend policy
Shah Alam, 25 February 2014 - TIME dotCom Berhad ("TIME" or "the Group"), the ASEAN-focused data and telecommunications solutions provider, today reported a 61% jump in its operating profits for the financial year ended 31 December 2013 to RM118.0 million from a year earlier, driven by robust local and global data demand.
The Group's core pre-tax profits for the same period expanded 58% to RM116.2 million on the back of increased revenue and improved profit margins. Revenue rose 31% to RM548.3 million on higher data sales and a full 12-month contribution from the Group's data centre and global bandwidth businesses.
"This is a phenomenal set of financial results that surpassed even our own expectations," said TIME's Chief Executive Officer Afzal Abdul Rahim. "The business is only just starting to benefit from scale, and I frankly can't wait to see what the next couple of years has in store for us."
Revenue in TIME's Data segment advanced 34% to RM411.6 million for the year, helped by demand from mobile operators for their mobile node fiberisation projects to cater to consumers' needs for faster mobile speeds.
For the full year, revenue from TIME's Wholesale, Enterprise and SME & Consumer segments climbed 43%, 21% and 16% respectively.
For the fourth quarter of 2013, operating profits leaped 48% to RM28.7 million from a year earlier. Core pre-tax profits swelled 53% to RM28.3 million. Revenue increased by 23% to RM149.2 million, while EBITDA margin in the quarter also improved by three percentage points to 33%.
"We will continue to grow and do what we have always done best; deliver quality uninterrupted network experiences, improve our products and solutions and constantly strengthen our fibre network and coverage footprint," said Afzal.
He added that Asia-wide demand for higher-speed bandwidth services and fibre connectivity, from both mobile operators and individual users, will remain unabated for the medium to long-term.
TIME will continue to modernise its network, while mobile node fiberisation projects for LTE network rollout by mobile operators are expected to carry on throughout the year, providing new revenue streams for the Group.
It will also continue to unlock the potential of its data centre, submarine cable and global bandwidth businesses, both locally and within ASEAN.
TIME also announced its first-ever dividend policy that pays out up to 25% of its normalised profit after tax.
"The introduction of a dividend policy is on the back of 5 straight years of steadily growing profits, and takes into account the Group's capital requirements," said TIME's Chairman Abdul Kadir Md Kassim.
Abdul Kadir added that the first dividend will be paid out in 2015 based on audited financial results for the financial year ending 31 December 2014.
This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (TIME) management with respect to future events. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "project", "should" and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond TIME's control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. TIME does not intend or assume any obligation to update these forward-looking statements.
About TIME dotCom Berhad
Founded in 1996, TIME dotCom Berhad (TIME) is a data-centric telecommunications and solutions provider in Malaysia with a business reach across the Asia-Pacific. TIME has expanded beyond its core Malaysian fixed-line business to incorporate two fast growing subsidiaries: the Global Transit Group of Companies (GT) offering regional bandwidth services and the AIMS Group of Companies (AIMS), an award-winning, carrier-neutral data centre provider. Combined, the TIME Group can now offer customers complete land and subsea fibre network solutions and value-added services that tap booming ASEAN demand for fast, reliable bandwidth. TIME is a public company listed on the Main Market of Bursa Malaysia since 2001. Visit www.time.com.my for more information.