CelcomDigi Berhad (CelcomDigi) has shared its fourth quarter and full year results for Financial Year 2024 (FY2024), showing strong financial and operational performance while continuing its integration efforts in its second year as a merged entity. The company has made good progress with its integration and transformation plans in areas like network, IT, retail, and customer experience, establishing a solid foundation for future growth.
Second-year integration and transformation ahead of plan, synergy targets on-track
In 2024, CelcomDigi worked hard to finish about 75% of its network upgrades and integration. They have also completed the first stage of updating their billing and customer service system. The opening of 48 new retail stores is now boosting sales and improving customer experiences. The company has updated its products for both individual and business customers, promoting itself as a single CelcomDigi brand.
Thanks to cost savings from these upgrades, the company expects to save around RM700 to RM800 million each year after 2027.
Creating pathways for sustainable and profitable growth
FY2024 had steady overall performance with strong profits, thanks to careful cost management and achieving planned savings.
One-time costs from the merger led to a 13.4% drop in reported EBIT and an 11.4% drop in PAT for FY2024. However, if we exclude these one-time costs, normalised EBIT grew by 4.0% to RM2,797 million, and PAT increased by 11.6% to RM1,748 million. This growth came from careful cost control and savings from synergies.
Increased revenue in Postpaid, Home & Fibre, and Enterprise solutions helped balance the drop in revenue from Prepaid and Enterprise mobile. For FY2024, Service Revenue was RM10,792 million, showing a slight decline of 0.6% in the second year of integration.
For FY2024, Postpaid revenue grew 2.6% Y-Y to RM4,181 million on the back of growth in subscribers (+374K Y-Y), from enhanced convergence plans, while Prepaid revenue recorded a slower decline of 3.4% to RM4,416 million, with subscribers losses (-23K Q-Q) now at a lower rate than in previous quarters, marking signs of a turnaround from effective base management.
Home & Fibre revenue recorded a strong double-digit growth (+34.4% FY Y-Y) to RM185 million, with subscribers growing 76K Y-Y ahead of the industry rate of growth.
Enterprise Solutions reported continued growth (+8.8% FY Y-Y) while Enterprise Mobile showed improvement in the quarter (+5.2% Q-Q), reflecting encouraging adoption of its corporate offerings.
The company closed the year with approximately 20.4 million subscribers, with improved blended ARPU at RM42.
The company declared a fourth interim dividend of 3.7 sen per share or a FY2024 total dividend of 14.3 sen per share, in line with its sustainable dividend commitment to shareholders.
Transformation initiatives provide launchpad for future growth and efficiency
Chief Executive Officer Datuk Idham Nawawi said, “We achieved significant milestones in the second year of post-merger integration, capturing synergies as planned while maintaining financial discipline to achieve an overall strong financial and operating performance. This solid execution and operational excellence enabled us to deliver shareholder value in line with our FY2024 guidance.
Looking ahead, with a solid foundation in place, we continue to focus on strengthening market leadership across our lines of business, creating pathways for long-term profitable growth. We will focus on delivering more value to our customers through product innovation and digital value-added services. We will drive operational excellence through cost structure optimisation and robust operating models to be one of the most efficient operators in the world. We continue to invest for the future as we bring innovation and new AI-driven capabilities to the market, while we redefine digital services and customer journeys. These initiatives will enable us to deliver superior customer experience, sustain our market leadership and realise our telco-tech ambition, while advancing the nation’s development into a 5G-AI powered digital society.”
Financial and Operational Highlights
| RM’m | 4Q24 | 3Q24 | 4Q23 | Q-Q | Y-Y | FY24 | FY23 | Y-Y |
| Total Revenue | 3,276 | 3,126 | 3,275 | 4.8% | 0.03% | 12,679 | 12,682 | -0.02% |
| Service Revenue | 2,720 | 2,689 | 2,737 | 1.2% | -0.6% | 10,792 | 10,859 | -0.6% |
| EBIT Normalised EBIT | 328658 | 771 | 798 | -57.5%-14.7% | -58.9%-17.5% | 2,3302,797 | 2,689 | -13.4%4.0% |
| PAT Normalised PAT | 161409 | 440 | 439 | -63.4%-7.0% | -63.4%-6.8% | 1,3881,748 | 1,567 | -11.4%11.6% |
| Capex | 1,152 | 384 | 1,010 | 199.7% | 14.0% | 2,372 | 1,755 | 35.2% |
| Subscriber base (K) | 20,394 | 20,255 | 20,552 | 0.7% | -0.8% | 20,394 | 20,552 | -0.8% |
- Consumer: Postpaid continuing growth momentum, while Prepaid base stabilised with retention activities
- Postpaid subscribers grew +83K Q-Q and +374K Y-Y in Q4 FY2024, reaching 5.79 million subscribers, driven by the company’s efforts in offering attractive packages and competitive pricing. Q4 2024 revenue was RM1,063 million, +1.6% Q-Q and +3.9% Y-Y, reflecting market trend with growing mid-value customer base, coupled with outbound roamers during the year-end festive period.
- Prepaid subscribers decreased -23K Q-Q, -621K Y-Y to 12.86 million subscribers, driven by targeted retention campaigns. Revenue in Q4 was RM1,088 million, -0.7% Q-Q, -5.1% Y-Y, impacted by lower activations arising from dual-SIM consolidation and a strategic decision to reduce reliance on one-time rotational SIM segment. Average revenue per user (ARPU) remained stable at RM28 despite price competition.
- Home & Fibre: Persistent and solid growth in subscribers and revenue, with industry leading subscriber additions
- Subscribers grew +29K Q-Q, +76K Y-Y, totaling 188K subscribers, driven by competitive offerings and channel push.
- Revenue was RM56 million, +14.3% Q-Q, +48.3% Y-Y, in tandem with the growth of subscribers. ARPU reduced to RM107 due to one-off finance re-classification.
- Enterprise: Improved performance in Enterprise Solutions
- Enterprise revenue improved +4.3% Q-Q driven by increase in Mobile, M2M, ICT Solutions and Bulk SMS, but declined -1.7% Y-Y in Q4 FY2024 to RM307 million, mainly affected by the decline in mobile revenue.
- Growth in the corporate segment attributed mainly to fixed connectivity and ICT solutions.
FY2025 Financial Guidance
CelcomDigi looks forward to a more robust and sustainable outlook for 2025 onwards. The guidance for FY2025 is as follows:
| Service Revenue | Low single digit growth |
| EBIT1 | Low to mid-single digit growth |
| Capex-to-Total Revenue Ratio | 14% – 16% |
¹ To accurately reflect CelcomDigi’s underlying performance, EBIT growth guidance excludes any material non-recurring and extraordinary items for both FY2024 and FY2025
Click here for CelcomDigi’s CEO’s Reflections and more on the company’s Q4 2024 performance.