Axiata Group Berhad reported a profit of 946.8 million ringgit (US$213.85 million) for FY24, more than double the previous year.

The strong performance was driven by earnings growth across several subsidiaries despite challenging market conditions.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 12.3%, while EBIT surged by over 100%. Revenue rose by 1.9%, with most subsidiaries contributing, except for Link Net and Dialog.

The group also reduced net debt by 2.6 billion ringgit (US$587.23 million), improving its Net Debt/EBITDA ratio to 2.74x from 3.36x in 2023.

Subsidiaries like XL Axiata, Edotco, Robi, and Smart saw notable profit growth.

XL Axiata’s revenue grew by 6.4% due to higher mobile data usage, while Robi remained profitable despite economic challenges.

Edotco boosted profitability through increased tenancies and cost efficiencies. Smart recorded an 8.9% revenue increase, driven by prepaid and enterprise services.

Meanwhile, Link Net faced revenue and profit declines due to competitive pressures and restructuring, and Dialog scaled back lower-margin businesses, impacting revenue.

Operational efficiency improvements were key to the group’s strong performance amid external challenges.

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