KUALA LUMPUR (Feb 29): Internet services firm TIME dotCom Bhd saw a 30.54% drop in fourth-quarter net profit from a year earlier dragged by asset writedown but ended 2023 with record profits and dividend plan.

Net profit for the three months ended Dec 31, 2023 was RM84.91 million compared to RM122.24 million a year earlier, TIME dotCom said in an exchange filing. The company booked provisions for impairment of property, plant and equipment of RM20.3 million.

Revenue, however, rose 6.6% year-on-year to RM422.26 million from RM396.2 million, with the largest growth coming from retail, followed by wholesale and enterprise customers.

TIME dotCom said it remains cautious about its outlook due to the heightened competition in the market though the company would continue to expand its network footprint.

“We are on track with our network coverage expansion plans,” said chief executive Afzal Abdul Rahim in a statement.

The group declared a record high total dividend of 85.8 sen per share for FY2023 after announcing an interim dividend of 8.25 sen per share and special dividend of 6.9 sen per share. The dividends will be paid out on March 27.

For the full FY2023, the group posted a record-breaking net profit of RM2.57 billion on revenue of RM1.59 billion, boosted by gains from the divestment of AIMS and one-off items. In comparison, the group made RM449.91 million net profit on revenue of RM1.45 billion a year ago.

Shares of TIME dotCom closed at RM5.50 on Thursday, valuing the group at RM10.17 billion ahead of the results announcement.