KUALA LUMPUR (Feb 24): Maxis Bhd’s net profit for the fourth quarter ended Dec 31, 2021 fell 9.4% year-on-year to RM289 million from RM319 million, due to higher depreciation and amortisation charges.

In a bourse filing on Thursday (Feb 24), Maxis said revenue for the quarter rose to RM2.45 billion from RM2.26 billion previously.

Earnings per share slipped to 3.70 sen from 4.10 sen.

Maxis declared a fourth interim dividend of four sen per share and special interim dividend of one sen, to be paid on March 31.

For the financial year ended Dec 31 (FY21), Maxis said its cumulative net profit slipped marginally to RM1.31 billion from RM1.38 billion, on the back of revenue RM9.20 billion versus RM8.97 billion.

Reviewing its performance, Maxis said postpaid service revenue, including wholesale business, for FY21 increased 3.1% to RM4.03 billion (FY20: RM3.9 billion).

Maxis said it grew the postpaid revenue generating subscriber base by 264,000 which represents a 7.5% increase, FY21: 3.77 million compared with FY20: 3.51 million subscribers.

It said the postpaid average revenue per unit (ARPU) decreased by 4.7% year-on-year from RM85 to RM81 per month, largely due to the dilution effect from the increased number of value-accretive Hotlink postpaid subscribers and increased number of postpaid shared lines.

Meanwhile, it said prepaid service revenue for FY21 decreased by RM98 million, that is 3.5%, to RM2.72 billion (FY20: RM2.81 billion).

It said the group’s prepaid subscription base was higher by 8,000 that is a 0.1% increase — FY21: 5.96 million compared with FY20: 5.95 million subscribers.

It added this was mainly due to growth in Hotlink Prepaid Unlimited subscribers.

It said prepaid ARPU declined 2.6% from RM39 to RM38 per month.

Meanwhile, capex for FY21 was RM1.18 billion million versus FY20’s RM1.25 billion or 4.7% lower than the preceding year due to delayed capex activities in the year and a major Billing and Customer Service project implemented in FY20.

On its prospects, Maxis said the group’s FY2022 financial results will be impacted by the one-off prosperity tax introduced by the Malaysian Budget 2022 where the group’s pre-tax profits above RM100 million will be taxed at a higher rate of 33%, which is 9% above the standard 24% tax rate.

“Given the uncertainties, the group considers it prudent not to disclose a financial outlook for FY22.

“The group is closely monitoring and assessing the impact of 5G commercial launch and Covid-19 and when it becomes appropriate to disclose any material information, this will be made in accordance with the Main Market Listing Requirements,” it said.

At the midday break on Thursday (Feb 24), Maxis slipped 2.66% or 11 sen to RM4.02, valuing it at RM31.46 billion.