Maxis (MAXIS) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 5.5% year-over-year to RM2,576 million, with service revenue up 3.2% and device revenue up 22.2%.

• EBITDA rose 12.8% year-over-year to RM1,048 million, with profit after tax up 27.5% to RM366 million.

• Year-to-date revenue grew 4.4% to RM7,765 million, with profit after tax up 14.9% to RM1,075 million.

• Maintained focus on mobile, home, and enterprise segments, driving growth through segmentation and enhanced value propositions.

• Consumer and enterprise segments contributed to growth, with postpaid and home connectivity showing strong subscriber gains.

Financial highlights

• EBITDA for Q3 2024 was RM1,048 million, up 12.8% year-over-year; EBITDA margin on service revenue improved to 47.4%.

• EBIT for Q3 2024 reached RM597 million, up 21.3% year-over-year.

• Operating free cash flow for Q3 2024 was RM753 million, down 28.8% year-over-year due to higher tax payments; YTD OFCF increased 20% to RM2,626 million.

• Capex for Q3 2024 was RM140 million, a 34.9% decrease year-over-year.

• Basic and diluted EPS for Q3 2024 were 4.6 sen, up from 3.7 sen in Q3 2023.

Outlook and guidance

• FY2024 guidance targets low single-digit growth for both service revenue and EBITDA, with capex expected below RM1 billion.

• Company remains committed to delivering high-speed, reliable connectivity and sustainable shareholder returns.

• Will continue providing 5G services via existing access agreement while evaluating options for the second 5G network.