KUALA LUMPUR: Maxis Bhd's net profit rose 10 per cent to RM353 million in the first quarter ended March 31, 2024 (1Q24), driven by higher service revenue and cost control.
Group revenue for the quarter rose three per cent to RM2.6 billion from RM2.53 billion a year ago.
Its earnings per share came in higher at 4.50 sen compared to 4.10 sen in 1Q23, according to its filing to Bursa Malaysia.
The group declared a first interim dividend of four sen per share, which will be paid on June 24.
According to Maxis, its consumer business saw growth across both its mobile and home segments.
The enterprise business sustained its momentum from rising demand for connectivity solutions in tandem with growing digital adoption.
Its consumer business registered a 3.3 per cent increase due to higher postpaid and home connectivity revenue.
Postpaid revenue grew by 5.4 per cent, driven by Maxis' wide range of offerings catering to every segment, while prepaid remained resilient despite intense competition as tailored offerings for target segments led to subscriber growth.
Maxis said a healthy uptake in home fibre broadband contributed higher revenue of 9.9 per cent in overall home connectivity.
Meanwhile, its enterprise business recorded six per cent revenue growth from stronger fixed connectivity and enterprise solutions performance.
Maxis chief executive officer Goh Seow Eng said its healthy first quarter performance validated its integrated telco growth strategy.
"Enhancing customer experience and delivering better value are our utmost priority.
"With our focused investments in our network and digitalisation, we are confident that we will continue to meet the connectivity needs of our customers," he said in a separate statement.
Looking ahead, Maxis said it is well positioned to continue leveraging rising demand for connectivity solutions that enable technologies such as the internet of things (IoT), cloud, generative AI (gen AI) and managed network services.
The group will accelerate the adoption of next-generation enterprise offerings in the public and private sectors, including 5G and 5G-Advanced (5.5G) solutions.
It is also committed to being the one-stop digitalisation partner for small and medium enterprises (SMEs), in line with the nation's aspiration to accelerate digital adoption.
Additionally, Maxis said it continues to manage capital expenditure (capex) efficiently with laser focus on value creation, investing RM106 million during the quarter into network capacity expansion, fibre rollouts and IT digitalisation.