In reporting its financial results for the year ended 31 December 2019, Malaysia’s Axiata said it had recorded its highest ever EBITDA and largest profit after tax since 2016. Citing the impact of its ‘Shifting Gear’ management strategy – which it launched at the end of 2018 – Axiata reported a 27.4% year-on-year increase in EBITDA, to MYR10.619 billion (USD2.5 billion), up from MYR8.334 billion, while having reported a loss of MYR4.975 billion in FY 2018, net profit stood at MYR1.815 million in the company’s latest fiscal year. In terms of revenues, meanwhile, Axiata said that an overall annual increase had been driven by ‘strong growth’ in data revenue; group total turnover for 2019 totalled MYR24.583 billion, up from the MYR23.886 billion reported for 2018. Axiata also highlighted a cost excellence programme, which it said had delivered MYR1.3 billion in savings (capital and operating expenditures) during the financial year under review. Also of note, Axiata said that all of its subsidiaries had been profitable in FY 2019, in particular highlighting XL in Indonesia and Robi in Bangladesh as having ‘stepped up to deliver improved performance across key metrics’.