KUALA LUMPUR, Feb 25 ― TIME dotCom Bhd’s net profit for the financial year ended December 31, 2021 (FY 2021) rose to RM393.16 million from RM328.05 million a year ago.
Revenue increased to RM1.40 billion from RM1.22 billion previously.
The company said resilient demand from the Enterprise and Retail customer segments for data centre and data offerings contributed positively to sustained revenue growth while the profit growth was attributed to higher overall revenues, a higher share of profit from associates and a higher net gain on foreign exchange.
In a statement today, commander-in-chief Afzal Abdul Rahim said FY2021 was a very eventful year for the company with several positive developments, such as the acquisition of a strategic stake in AVM Cloud Sdn Bhd and the operationalisation of its new, purpose-built data centre in Cyberjaya.
“The group had showed a sustained growth despite an operating and economic landscape that is still grappling with the pandemic. We anticipate continued demand for data and data centre services as digital first becomes firmly rooted as the default, and as the nation accelerates its digital economy aspirations.
“With that in mind, we will keep on investing to expand our capabilities, particularly as it relates to our network footprint and data centre solutions. As we move further into Phase 4 of the National Recovery Plan, we will see more stability across the overall economy, but will remain cautious of potential risks,” he said.
The group declared an ordinary interim and a special interim tax exempt (single-tier) dividend of 10.86 sen and 2.29 sen per ordinary share, respectively, for FY2021, payable on March 23, 2022.
TIME also announced a new dividend policy to annually pay an ordinary dividend of up to 50 per cent, from 25 per cent previously, of the group’s normalised profit after tax effective from FY2021.
“One of our near-term initiatives is to optimise our capital and balance sheet management, placing greater focus on its efficiency. This will enable us to operate and compete more effectively and thus create more longer-term value for our shareholders,” Afzal commented.
Moving forward, the group said it is confident that market demand for digital and connectivity solutions will further grow as the government’s aspiration and plans for building a stronger digital economy progress.
“TIME remained committed to supporting this through the expansion of its network footprint and innovation to deliver solutions to an ever-evolving market.
“Regionally, the group will continue to strengthen its strategic position in the cloud and data centre space while continuing to meet cross-border connectivity requirements of its customers,” it added. — Bernama
