Telekom Malaysia (TM) Q2 2024 earnings summary

Executive summary

• Operating revenue for 1H 2024 was RM5.74 billion, nearly flat year-over-year, reflecting resilience in a competitive environment.

• EBIT rose 14.5% year-over-year to RM1,263.6 million, driven by operational efficiency and cost management.

• PATAMI for 1H 2024 was RM821.2 million, down 8.6% year-over-year due to a one-off tax credit in 2023.

• Fixed broadband subscribers increased 1.2% year-over-year to 3.143 million.

• Interim dividend increased to 12.5 sen per share, up from 9.5 sen in the previous year.

Financial highlights

• Revenue for 1H 2024 was RM5,744.9 million, down 1.7% year-over-year but up 2.5% quarter-over-quarter.

• EBIT for 1H 2024 reached RM1,263.6 million, up 14.5% year-over-year but down 2.7% quarter-over-quarter.

• PATAMI for 1H 2024 was RM821.2 million, down 30.3% year-over-year and 8.6% year-to-date.

• Free cash flow improved to RM1,228.4 million from RM984.1 million in 1H 2023.

• CAPEX for 1H 2024 was RM460 million, representing 8.0% of total revenue, down from 16.4% in 1H 2023.

Outlook and guidance

• Positive outlook for 2024, aligned with market guidance and Digital Powerhouse 2030 vision.

• Focus on core business growth, cost optimization, and delivering shareholder returns.

• Continued investment in data centers, 5G, and digital infrastructure to support future growth.