Maxis builds on growth momentum with strong FY2024 performance

• Profit After Tax of RM1,396 million, up 40.7% year-on-year (YoY)
• Service Revenue of RM8,868 million, up 3.5% YoY
• EBITDA of RM4,122 million, up 4.1% YoY
• Interim dividend of 4 sen per share and a one-time dividend of 1 sen per share

Maxis, Malaysia’s leading integrated telco, delivered strong performance for the financial year ended 31 December 2024, achieving its highest-ever Service Revenue. The Company’s Consumer and Enterprise Businesses maintained healthy growth momentum across core connectivity services and adjacent digital solutions, contributing to a 3.5% increase in Service Revenue year-on-year (YoY) to RM8,868 million.

Improved revenue and disciplined cost management resulted in a 4.1% YoY increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to RM4,122 million. Including the one-off adjustments incurred in the prior financial year of FY2023, Profit After Tax (PAT) increased by 40.7% YoY to RM1,396 million. 

The Company declared a fourth interim dividend of 4 sen per share and a one-time dividend of 1 sen per share for the 4th quarter ended 31 December 2024. The one-time dividend is in consideration of the Company’s strong performance for the year, bringing the full-year dividend to 17 sen per share. 

Maxis’ Consumer Business service revenue grew by 2.7% YoY, driven by customer engagement initiatives and tailored offerings across the Mobile and Home segments. Consumer Mobile revenue strengthened by 2.1% in tandem with subscriber growth of 2.4%. The Company maintained strong momentum in postpaid with enhanced plans offering more data and options for customers. As for prepaid, Maxis continued to provide customers with the best value through speed and data upgrades. The mobile plans are designed to enhance customer experience, enabling subscribers to fully leverage the benefits of 5G services.

The Consumer Home segment achieved steady revenue growth of 7.4% YoY. Total home connections grew by 4.5%, with fibre broadband as the primary growth driver. As an integrated connectivity provider, Maxis’ attractive mobile, broadband and device bundles include an extensive range of home and lifestyle devices for every household. 

Maxis' Enterprise Business maintained its growth momentum with service revenue rising by 6.8% YoY. Performance was driven by growth in its core connectivity services as well as adjacent solutions enabled by connectivity, such as cloud, managed services, cybersecurity and the internet of things (IoT). In addition, Maxis continues to expand fibre build for critical infrastructure such as mobile sites as well as commercial and industrial developments. This is to support integrated connectivity needs in high-demand areas like industrial parks, manufacturing hubs and data centres.

FY2024 Financial Highlights: FY2024 vs FY2023

• Service Revenue increased by 3.5% to RM8,868 million, driven by revenue growth in both its Consumer and Enterprise businesses.
  • Consumer Business service revenue grew by 2.7% YoY to RM7,258 million.
    • Consumer Mobile revenue, including postpaid and prepaid, increased by 2.1%. Total subscribers grew by 2.4% to 9.7 million. Enhanced data propositions contributed to strong growth in postpaid. The prepaid segment focused on providing the best value through speed and data quota upgrades.
    • Consumer Home Connectivity service revenue rose by 7.4% to RM993 million. Total home connections expanded to 784,000, with fibre broadband as the primary growth driver. 
  • Enterprise Business service revenue grew by 6.8% to RM1,610 million, driven by a focus on mobile and fixed connectivity, and adjacent services including IoT and cloud solutions. 
• EBITDA strengthened by 4.1% to RM4,122 million, driven by revenue growth and cost optimisation.
• PAT grew by 40.7% to RM1,396 million, from higher revenue and optimal cost management.
• Capex amounted to RM674 million, with a focus on prioritising essential investments that enhance Maxis’ integrated network capabilities.
• Operating free cash flow increased to RM3,057 million, driven by enhanced working capital management and operational efficiencies. The cash balance remained stable at RM464 million. 

Key Initiatives:

• Introduced new 5G Home WiFi plans, offering fibre-like speeds and enriched Maxis Postpaid and Hotlink Prepaid and Postpaid plans, offering greater value and expanded options with data and speed upgrades.
• Introduced GPU-as-a-Service (GPUaaS), enabling scalable high-performance computing and data processing on-demand.
• Entered the world’s first 6-way Multi-Operator Core Network (MOCN) agreement to enhance digital connectivity in rural Sarawak.
• Forged strategic collaborations with leading global and regional partners such as AWS, Google Cloud, Huawei, Nokia, and Singtel, as well as state digital bodies including Sarawak Digital Economy Corporation (SDEC) and Melaka ICT Holdings (MICTH) to accelerate digitalisation in the private and public sectors.
• Contributed RM2.2 million to flood relief efforts via the Government's Dana Ihsan MADANI and in-kind aid.