Maxis (MAXIS) Q4 2024 earnings summary

Executive summary

• Service revenue for FY24 reached RM8,868 million, up 3.5% year-over-year, with both consumer and enterprise segments contributing to growth.

• Total revenue for FY2024 grew 3.5% year-over-year to RM10,536 million, driven by service and device revenue increases.

• EBITDA rose 4.1% year-over-year to RM4,122 million, while EBIT surged 23.0% to RM2,324 million, reflecting improved operational efficiency.

• Profit after tax increased 40.7% year-over-year to RM1,396 million, with net profit margin improving from 9.7% to 13.3%.

• Maintained #1 network ranking in Malaysia and received multiple industry awards for customer experience and operational excellence.

Financial highlights

• 4Q24 service revenue reached RM2,248 million, up 2.1% year-over-year and 1.6% quarter-over-quarter.

• 4Q24 EBITDA was RM984 million, down 6.9% year-over-year and 6.1% quarter-over-quarter, impacted by higher device and operational costs.

• 4Q24 profit after tax was RM321 million, up over 100% year-over-year but down 12.3% sequentially.

• Operating free cash flow for FY24 was RM3,057 million, up 8.6% year-over-year.

• FY24 capex was RM675 million, down 17.0% from FY2023, focusing on network enhancements.

Outlook and guidance

• FY25 service revenue expected to grow at low single digits.

• EBITDA projected to be flat to low single digit growth.

• Capex guidance for FY25 is less than RM1 billion.

• Strategic priorities include bundling, enterprise growth, infrastructure expansion, digitalisation, and operational excellence.

• Company will assess options regarding the implementation of Malaysia's dual 5G network.