by ASILA JALIL / pic by MUHD AMIN NAHARUL

AXIATA Group Bhd’s net profit surged 247.1% year-on-year (YoY) to RM277.76 million in its second quarter ended June 30, 2021 (2Q21) compared to RM80.02 million in 2Q20.

The strong performance is attributable on higher top lines, lower finance costs due to lower borrowings and lower taxes incurred during the quarter.

Its revenue for the quarter came in at RM6.39 billion, up by 10.3% YoY from RM5.79 billion in the same quarter last year.

Revenue for its Malaysia market grew by 12.1% to RM1.63 billion mainly driven by growth in the prepaid business and higher device sales meanwhile in Indonesia’s market contributed a revenue growth of 1.1% to RM1.93 billion.

For the first six months of the year (1H21), Axiata posted a net profit of RM353.32 million, up 31.8% YoY from RM268.12 million, partly offset by accelerated depreciation recorded for 3G assets in several markets and lower one-off gains.

Revenue for 1H21 rose 5.3% YoY to RM12.45 billion against RM11.83 billion in the corresponding period last year.

The board has resolved a tax exempt interim dividend under a single tier system of 4 sen per share for the current quarter under review for the financial year ending Dec 31, 2021.