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Integrated Annual Report 2023
Chairman’s Statement



In 2023, we faced several macroeconomic challenges, such as inflation affecting operational costs and high interest rates. Malaysia’s growth slowed, weighed down by weak global demand and high global interest rates. We had to navigate the fast-changing telecommunications sector landscape, which included regulatory changes to the 5G network model and service pricing, a mobile market that is near saturation, shifts in consumers’ needs, as well as the consolidation of key players.

In response to these challenges posed by the uncertain and volatile operating landscape, we have gone back to basics and strengthened our core competencies in connectivity. This realignment is essential to achieve our goals and remain at the forefront as Malaysia’s leading integrated telco.

Tan Sri Mokhzani Bin Mahathir


Total Dividend Payout



Continue to deliver long-term
sustainable shareholder value and returns
Subang Hi-Tech operations centre is the first telco network site in Malaysia to be awarded ISO 14001:2015
CEO’s Statement



The Malaysian telecommunications industry experienced many interesting developments and challenges in 2023. The industry underwent partial consolidation with the merger of two large players. There were changes in the regulatory environment to promote network competition and affordable connectivity to all, while rising costs and macroeconomic challenges continue to affect Malaysia. In addition, consumers’ digital lifestyles continue to advance rapidly and drive a seemingly insatiable demand for data. The average data consumption from our customers has increased by 2½ times in the past five years, from 10.9GB per month in 2018 to 27.8GB per month in 2023.

The fast-changing operating environment reaffirmed our belief that to strengthen our position as Malaysia’s leading integrated telco, we must excel in delivering our three core offerings - Mobile, Fibre and Enterprise. Maxis’ performance in 2023 is evidence of our strategy. As I complete my first year leading Maxis, I am pleased to share our 2023 results and outlook for 2024.


Chief Executive Officer

Service Revenue



Highest in five years




Highest in five years


Maxis delivered a solid performance for the financial year ended 31 December 2023 (FY2023). We recorded our highest service revenue and EBITDA in five years. The Company saw strong growth across our consumer and enterprise businesses, underpinned by our strategy to focus on core competencies in connectivity to remain as Malaysia’s leading integrated telco.

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  • Revenue
    (RM million)

    2022 2023 1,453 8,336 8,572 1,608 Service Revenue Device Revenue 2023: 10,180 2022: 9,789 4.0%
  • Consumer Revenue
    (RM million)

    2022 2023 3,275 2,693 843 3,520 2,619 925 2023: 7,064 2022: 6,811 Consumer postpaid Consumer prepaid Consumer home connectivity 3.7%
  • Enterprise Revenue
    (RM million)

    2022 2023 108 1,417 1,508 2023: 2022: 1,525 1,508 Enterprise business Wholesale voice* * Ceased since the fourth quarter of 2022 6.4%
    (RM million)

    1,720 2,209 2,070 1,890 2022 2023 EBIT Depreciation, Amortisation & Others 2022: 3,929 2023: 3,960 0.8%
  • Profit After Tax
    (RM million)

    2022 2023 162 1,151 20.9 361 992 22.9 Reported profit after tax Adjusted for One-off Adjustments Return on Equity 1 (%) 1 Based on adjusted profit after tax 2023: 2022: 1,313 1,353 3.0%
    (RM million)

    2022 2023 1,114 813 2022: 1,114 2023: 813 CAPEX 27.0%
  • Net Debt
    (RM million)

    2022 2023 2.35x 2.32x 9,203 9,237 Net debt Net debt to EBITDA (x)

Value Creation Model

The diagram below illustrates how we utilise our business capitals to create value for our business and stakeholders. Further details of the inputs and outputs of our six business capitals are explained in the following pages.




Our Inputs
F Financial
M Manufactured
I Intellectual
H Human
SR Social & Relationship
N Natural
  • Creating Steady Growth of Revenue
  • Growing Core Businesses
  • Strengthening Customers’ Experience
  • Driving Business Excellence
  • Delivering Sustainable Value



F Financial Capital
  • Invested RM813 million in total CAPEX; >70% spent on network coverage and capacity growth while the remaining was spent on IT related costs
  • Generated net cashflows from operating activities of RM2.82 billion
  • Sufficient credit lines with Net Debt/EBITDA ratio of 2.32x as of 31 December 2023
M Manufactured Capital
  • Built >11,000 network sites in Malaysia
  • >700 upgrades and new sites/towers built for 4G
  • Achieved 95% 4G LTE population coverage
  • Delivered over 300 Maxis stores and 10,000 Hotlink stores
  • Operate 3 major data centres in Cyberjaya, Sungai Besi and Shah Alam
  • Expanded Maxis’ fibre footprint to over 22,000 km, covering over 7.5 million homes and commercial premises
  • First telco to build Regional Internet Hubs in Kota Kinabalu and Kuching, with direct international content connectivity
  • >10,000 touchpoints provided positive omnichannel experience for customers
I Intellectual Capital
  • Skilled technical and expert teams in all fields
  • Digital self-service capabilities and Digital Care programme
  • Rights, licenses, and partnerships for Consumer and Enterprise solutions
  • Advanced analytics and machine learning
H Human Capital
  • More than 3,682 Maxis colleagues serving the nation
  • >98,000 training hours delivered to employees
  • >300 training programmes conducted on health and safety
  • 100% of operations assessed for corruption-related risks
  • Organised events to guide employees on career development opportunities
  • Facilitated multiple activities to embrace equal opportunity and diversity at work
SR Social & Relationship Capital
  • >RM4.5 million spent on community investments
    • RM3.2 million invested in community initiatives
    • RM1.3 million invested in Maxis Scholarships
  • >4,800 volunteering hours by employees
  • Engage in dialogues and initiatives with the Government and regulatory bodies
  • Engage proactively with non-governmental organisations (NGOs), learning institutions and underserved communities
  • Effective management of suppliers and vendors
N Natural Capital
  • 1,688 million MJ of energy consumed
  • 43,224.6 m3 of municipal water withdrawn
  • Launched an e-waste recycling campaign to generate awareness and facilitate circularity
  • Upgraded data and switch centres with deployment of on-grid solar energy systems
  • Improved base station and Network Technical Operations Centres (TOC) energy consumption with various energy efficiency initiatives


F Financial Capital
  • Quality of services improved, reflected in the 2.8% growth in Service Revenue to RM8.57 billion; and 0.8% increase in EBITDA to RM3.96 billion
  • 16 sen dividend per share totalling a payout of RM1.25 billion in FY2023
  • 5G plans for existing/potential customers for better speeds, lower latency and enhanced customer experience
  • Timely utilisation of credit for infrastructure/network planning in providing best connectivity for stakeholders
M Manufactured Capital

As of 31 December 2023:

  • >13 million customers:
    • 4.9 million postpaid
    • 7.6 million prepaid
    • >840,000 home and business connections (fibre and wireless broadband)
  • Data usage per user increased to 27.8GB per month
  • 95.6% of mobile speed >3Mbps
  • 80% of voice traffic conducted over Voice over LTE (VoLTE) service
  • Network complaints reduced by 63% YoY
  • Strong Touchpoint Net Promoter Score of +68
  • 58% of the mobile traffic in East Malaysia successfully localised on the regional hubs
I Intellectual Capital
  • 20% increase in digital Sales
  • 4.2% YoY growth in Digital Care adoption
  • 6.7% YoY growth in online customer renewals
H Human Capital
  • 43% female representation in Maxis
  • Employee Lost-Time Incident (LTI) Rate at 0.34
  • 16 Maxis scholarships offered
  • Awarded with multiple ISO 37001:2016 Anti-Bribery Management System certifications
  • 0 confirmed incidence of corruption
  • 518 engaged and made aware of career development and mobility policies
SR Social & Relationship Capital
  • >27,000 SMEs benefitted from the SME Digitalisation Grant as of 2023
  • Supported >99,000 students and >5,000 entrepreneurs through eKelas® and eKelas® Usahawan respectively as of 2023
  • 12 training sessions on anti-bribery and corruption conducted for third parties
  • 86% of vendor spending on local suppliers
  • Supported vulnerable communities through humanitarian relief efforts and festive charity
N Natural Capital
  • Total emissions of 324,116 CO2 tonnes
  • 49,879 e-waste items recycled
  • 461kg of office waste recycled
  • Limited increase in energy usage at network sites to 12.9% despite increase in the number of network sites resulted in lower network site emissions per site intensity, contributing to savings in electricity costs
  • Reduction of greenhouse gas (GHG) intensity per site:
    • Base Transceiver Stations (BTS): -1.7%
    • TOC: -5.2%
  • Subang Hi-Tech Technical Operations Centres first network site in Malaysia to be awarded ISO 14001:2015 Environmental Management Systems certification


Creating Steady Growth of Revenue

  • Improve total revenue each year to boost stakeholders’ confidence and optimism in Maxis - FY2023’s total revenue was the highest since listed
  • Create and maximise shareholders’ value in terms of dividends and capital gains

Growing Core Businesses

  • Improve market share following the recent industry consolidation, as evident from the steady growth in mobile, home, and business customers
  • Expand enterprise business via mobile and fixed solutions

Strengthening Customers’ Experience

  • Provide convergence and tailor-made solutions for customers via bundling offers
  • Keep it simple for customers to do business with Maxis via our >10,000 touchpoints
  • Re-double efforts on digitalisation measures with easy-to-use online platforms

Driving Business Excellence

  • Connect the nation with winning mobile solutions
  • Always at the forefront of technological innovation
  • Deliver holistically connected lifestyles
  • Bridge the digital divide for businesses and facilitate their digital transformation needs
  • Advance towards one-stop next generation data facilities and information technology infrastructure library (ITIL), and hub for enterprise cloud and network peering

Delivering Sustainable Value

  • Diligently manage stakeholders’ data privacy and protection
  • Empower our people and communities
  • Embed responsible business practices
  • Fair recruitment practices and embrace diversity and inclusion in workforce
  • Invest in programmes to promote employee development and competencies
  • Address climate change to reduce carbon footprints by embracing renewable and clean energy from solar power


F Financial Capital

We aim to achieve a balance between short-term financial interests, rewarding our shareholders and longer-term growth objectives. In preparing ourselves for the uncertainty related to the potential second 5G network, there is a need to ensure that we are prudent with our CAPEX spending and focus on selected investments so that customers’ experience will not be affected. Cashflow position for FY2023 was impacted by higher overall tax payments, prepayment to Digital Nasional Berhad for 5G access and staff optimisation costs. Excluding these one-off costs, we could have potentially rewarded our stakeholders where applicable.

We have embarked on our three-year cost optimisation journey to optimise and reduce our cost base. The first stage focused on staff rightsizing, followed by improvements in processes and systems to be more cost-efficient. There is also a need to have sufficient credit lines to manage unforeseen requirements in our operations and the environment. These initiatives are expected to generate shareholders value in the long run.

M Manufactured Capital

Our annual CAPEX and maintenance spend impact our near-term Financial Capital but enables us to expand our capacity and capabilities that will help to replenish our Financial Capital and generate significant long-term value.

Additionally, allocating Financial Capital towards Manufactured Capital will also help strengthen our customer relationships and improve our position in the market especially since we provide improved plans, better products and services, as well as enhanced connectivity.

I Intellectual Capital

Investments of Financial Capital into Intellectual Capital initiatives such as improving our digital infrastructure and operations are weighed against our financial and risk management priorities. We believe that these investments are crucial for delivering exceptional customer service whilst maintaining competitiveness in a demanding market.

H Human Capital

We prioritise our employees by investing in their development to ensure they are prepared for the future. While these investments may impact our near-term Financial Capital, they ultimately lead to more productive and higher performing employees, strengthening our Human Capital and creating long-term value for Maxis Group.

We are also aware of the current headwind in the operating environment and the need to optimise cost for the benefit of the company’s future growth. Our decision to undertake a staff optimisation exercise is anticipated to support our Financial Capital in the long run, with the expectation of higher savings so that the excess can be allocated to other high-priority areas.

SR Social & Relationship Capital

We enhanced our community engagement efforts by investing both Financial and Human Capitals in local community projects and social initiatives, which may not yield immediate financial returns. This strategic choice might divert resources from other areas with direct financial benefits. However, by strengthening community relations and building trust, we are enhancing brand reputation, customer loyalty, and our social license to operate, thereby creating long-term value for both Maxis Group and our stakeholders.

N Natural Capital

We are committed to driving sustainable values and initiatives for the sustainability of the business and organisation in the long run. This is important for our future generation, in line with Malaysia’s undertaking to achieve Carbon Neutrality by 2050. While implementing these require additional Financial Capital, we are confident that it will ultimately minimise future carbon costs and contribute to our long-term sustainability and Natural Capital effect.


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