KUALA LUMPUR (Aug 28): Axiata Group Bhd (KL:AXIATA) returned to the black in the second quarter ended June 30, 2024 (2QFY2024) with a net profit of RM134.9 million compared with a net loss of RM576.22 million a year earlier, contributed by strong performance from all operating companies except Link Net and Dialog, higher share of results of associates and lower foreign exchange losses, offset by higher net finance cost and taxation.

It was the group's second straight quarter of profits after posting a net profit of RM60.03 million in 1QFY2024.

This resulted in an earnings per share of 1.5 sen for 2QFY2024 compared with a loss per share of 6.3 sen for 2QFY2023.

Revenue for the quarter came in at RM5.76 billion, up 2.9% from RM5.59 billion a year earlier.

The group had on Tuesday declared a dividend of five sen per share for the financial year ending Dec 31, 2024 (FY2024), noting that the entitlement and payment date of the dividend will be announced in due course.

For the cumulative six-month period (1HFY2024), Axiata recorded a net profit of RM194.93 million compared with a net loss of RM502.37 million, while revenue rose 7.8% to RM11.42 billion from RM10.59 billion.

Earnings before interest and tax (Ebit) for 1HFY2024 reported double-digit growth primarily contributed by XL in Indonesia, Robi in Bangladesh, Smart in Cambodia and edotco due to topline expansion and reduced operating costs.

Barring any unforeseen circumstances related to the challenging macroeconomic environment particularly in Sri Lanka and Bangladesh, Axiata said its revenue growth is in line while Ebit growth is ahead of headline key performance indicators for FY2024.

Axiata shares closed two sen or 0.8% higher at RM2.46, valuing the group at RM22.6 billion.