KUALA LUMPUR (Feb 25): TIME dotCom Bhd said on Friday it has adopted a new dividend policy to pay an annual dividend of up to 50% of its audited consolidated profit after tax compared with 25% previously as the company reported a full-year net profit and revenue growth, helped by retail and enterprise customers.

"Year-on-year recurring revenue growth (in the fourth quarter) was mainly contributed by retail and enterprise customers,”  TIME dotCom, the internet-service provider, said in its Bursa Malaysia filings.

For the fourth quarter ended Dec 31, 2021 (4QFY21), TIME dotCom said net profit rose to RM108.59 million from RM94.36 million a year earlier while revenue grew to RM371.08 million from RM314.87 million.

For the full year, TIME dotCom said cumulative FY21 net profit increased to RM393.16 million from RM328.05 million a year earlier while revenue was higher at RM1.4 billion from RM1.22 billion.

"The directors declared on Feb 25, an ordinary interim and a special interim tax exempt (single tier) dividend of 10.86 sen and 2.29 sen per ordinary share for the financial year ended Dec 31, 2021, which will be paid on March 23,” the company said.

On a quarterly basis, TIME dotCom said the group reported a higher consolidated revenue of RM371.1 million in 4QFY21 compared with RM346.8 million in 3QFY21.

"The group’s consolidated profit before tax in 4QFY21 amounted to RM144.7 million, which is RM7.6 million or 5.5% higher than the consolidated profit before tax of RM137.1 million in 3QFY21,” the company said.

According to TIME dotCom, the group had in FY21 sustained its operational and financial performance despite challenges due to the Covid-19 pandemic.

Demand for TIME dotCom’s products and services remains resilient across all customer segments, and the group is optimistic of further growth prospects arising from the gradual reopening of Malaysia under the National Recovery Plan and the acceleration of the nation’s digital economy aspirations, according to the company.

"Network availability and stability remains the group’s top priority along with the health and safety of its employees and other stakeholders,” the company said.

On TIME dotCom’s new dividend policy, the company said it has adopted the policy of paying an annual dividend of up to 50% of its audited consolidated profit after tax compared with 25% previously "provided that such distribution will not be detrimental to the group after taking into account its working capital needs as well as long-term capital requirements."

"The new dividend policy will take effect from the financial year ended Dec 31, 2021,” the company said.

At 5pm on Friday, TIME dotCom’s share price closed five sen or 1.2% lower at RM4.13, giving the company a market capitalisation of about RM7.52 billion.

TIME dotCom has 1.82 billion issued shares, according to its latest quarterly financial report.