KUALA LUMPUR (Feb 25): Telekom Malaysia Bhd (KL:TM) reported its highest ever quarterly net profit for the fourth quarter ended Dec 31, 2024 (4QFY2024), helped by tax credits amounting to RM377.5 million.

Net profit for 4QFY2024 came in at RM730.6 million, up 68.5% year-on-year (y-o-y) from RM433.5 million a year ago. Excluding the one-off tax credit, TM’s profit before tax would have fallen 5.7% to RM371.4 million from RM393.7 million.

Revenue for the quarter rose 2% to RM3.05 billion from RM2.99 billion.

TM declared a second interim dividend of 12.5 sen per share and a special dividend of six sen per share.

This brought the total dividend payout for FY2024 to 31 sen per share — the highest in the last ten years. 

For FY2024, TM reported a net profit of RM2.02 billion, up 7.8% from RM1.87 billion in FY2023. Annual revenue was flat at RM11.71 billion.

For 2025, the company is forecasting “low single-digit growth” in revenue, with earnings before interest and tax (Ebit) expected to remain at similar levels to 2024. Additionally, it has projected that capital expenditures (capex) will constitute 14% to 16% of revenue.

Group chief executive officer Amar Huzaimi Md Deris said TM’s performance in 2024 demonstrates the group’s execution capabilities and commitment to drive operational efficiencies, while advancing Malaysia’s digital agenda.

“In essence, our core businesses remain resilient, sustaining a positive revenue trajectory amid heightened competitive pressure and market dynamics. At the same time, our internal efficiencies remain robust as evident in our strong Ebit and Patami (profit after tax and minority interest), providing a solid foundation and strategic edge to propel TM forward,” he said.

“This has poised us to better capitalise on emerging opportunities such as hyperconnected data centres, AI, and GPU-as-a-Service (GPUaaS) which are among the new growth areas for TM. These efforts will not only drive us closer to our aspiration of becoming a digital powerhouse by 2030 but also position Malaysia as the digital hub for Asean,” he added.

TM shares closed 20 sen or 2.9% lower to RM6.70 on Tuesday, valuing the group at RM25.71 billion.

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