XL

Axiata Group raised its 2022 guidance despite macroeconomic challenges, after Celcom in Malaysia, XL in Indonesia and tower unit edotco delivered strong revenue growth in Q2.

Axiata Group president and CEO Izzaddin Idris highlighted its recovery in Q2, which he claimed puts the company in a strong position to add capacity and modernise its networks to support digital inclusion across the region.

Axiata Group slipped to a loss in the final quarter of 2020 due to higher depreciation costs and asset write-offs, but bosses expressed cautious optimism of revenue and EBITDA growth in 2021.

Axiata Group predicted full year revenue and profitability would decline due to continued economic and financial headwinds caused by Covid-19 (coronavirus)-related movement restrictions and consumptions shifts, as it revealed Q2 numbers.

Axiata Group’s profit plummeted in Q1 due to forex losses and one-off charges, as the Malaysia-headquartered company posted modest revenue growth and prepared for tough medium-term business conditions. Net profit attributable to owners dropped 74 per cent year-on-year to MYR188.

Axiata Group returned to profit in the final quarter of 2019, with its two largest mobile businesses in Indonesia and Malaysia leading a recovery across all operating units. The Malaysia-headquartered company recorded a net profit of MYR404 million ($96.

Indonesian operator XL Axiata sold tower assets valued at IDR4. 05 trillion ($296 million) to two local tower companies, as part of moves to cut debt.