KUALA LUMPUR (Aug 29): TIME dotCom Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) rose 27.63% to RM118.28 million from RM92.67 million a year ago, propelled by higher revenue growth from both its data and data centre product segments as well as larger net gain on foreign exchange amounting to RM27.1 million.

Time dotCom's 2QFY22 net profit of RM118.28 million is also its highest since 2QFY16, when it posted RM199.8 million.

Earnings per share rose to 6.48 sen from 5.11 sen previously, its Bursa Malaysia filing on Monday (Aug 29) showed.

Quarterly revenue grew 7.61% to RM373.59 million from RM347.18 million in the same period a year earlier mainly due to higher recurring data revenue, which expanded by RM29.3 million or 11.4%, and data centre revenue, which rose by RM7.5 million or 11.6%.

"All core customer groups also registered solid year-on-year recurring revenue growth with the largest growth contributions seen coming from retail followed by wholesale and enterprise customers," it said.

The internet service provider also declared a single-tier special interim tax exempt dividend of 16.34 sen, to be payable on Sept 27.

On a quarter-on-quarter basis, TIME dotCom's net profit leapt by 30.48% from RM90.65 million, as revenue increased from RM369.35 million in 1QFY22.

For the cumulative first half ended June 30, 2022 (1HFY22), TIME dotCom's net profit climbed 13.53% to RM208.93 million from RM184.03 million as revenue rose 9.5% to RM742.94 million from RM678.51 million.

In a separate statement, TIME dotCom chief executive officer Afzal Abdul Rahim said the group sustained its growth for 1HFY22 on the back of its strategy of network expansion and ensuring cost efficiencies.

"We are pleased that demand for TIME's product and service offerings has continued, contributing to our solid results.

"We continue to stay on course in our strategic push for network expansion to support both the nation's connectivity needs and its digital economy objectives.

"The level of demand for connectivity remains encouraging and the group will continue to tap this area for future growth," he said.

TIME dotCom said it is optimistic as it positions itself to serve the connectivity and digitalisation needs of the markets it serves, with network availability and stability a top priority as it works to ensure the health and safety of its employees and stakeholders.

Additionally, demand for its services and offerings in the region continues to grow as the group capitalises on these opportunities, leveraging its seamless cross-border connectivity.

However, Time dotCom remains vigilant and will monitor developments in both the domestic and global economies as well as geopolitics and any associated risks they may have on the group.

In another Bursa filing, TIME dotCom also announced the redesignation of Elakumari Kantilal as non-independent and non-executive chairman from director previously.

Elakumari, 65, also sits on the board of Danajamin Nasional Bhd.

TIME dotCom's share price settled five sen or 1.11% higher at RM4.56 on Monday, bringing the group a market capitalisation of RM8.37 billion.