Indosat Ooredoo Hutchison (Indosat) has achieved outstanding financial and operational performance in the first quarter of 2024.
During the first three months of 2024, Indosat recorded a 15.8% year-on-year (YoY) growth in total revenue, amounting to IDR 13,835 billion (USD 873 million). Meanwhile, EBITDA continued to grow faster than revenue, resulting in a 22.1% YoY increase to IDR 6,509 billion (USD 411 million).
Key Performance Indicators
Indosat’s stellar financial performance was driven by an increase in all business segments and a strong commitment to cost optimization, which also helped improved the company's EBITDA Margin by 47.0%. Net profit increased to IDR 1,295 billion (USD 82 million), representing a 39.4% YoY increase.
Vikram Sinha, President Director and Chief Executive Officer of Indosat Ooredoo Hutchison, shared that the company’s remarkable performance during the first quarter of the year is a testament to their dedication to creating sustainable value for all their stakeholders and empowering Indonesia’s digital economy.
“We keep improving to enhance our network to ensure seamless connectivity and a marvelous experience for customers across Indonesia,” said Sinha.
When it comes to its customer base, Indosat recorded a 2.3% YoY growth, reaching 100.8 million subscribers, which contributed to a 14.3% YoY increase in data traffic, equivalent to 3,858 Petabytes (PB).
Indosat also maintained its strategic investments to improve its network infrastructure, resulting in a 20.8% YoY increase in the number of 4G BTS to 184,000. As a result, the Average Revenue Per User (ARPU) for cellular consumers experienced a strong 13.9% YoY growth, reaching IDR 37,500.
In Q1-24, Indosat's outlook underwent a positive revision by the international ratings agency, Fitch, shifting from 'stable' to 'positive', while also affirming its AA+(idn) credit rating. Additionally, the company received idAAA (Stable) ratings from Pefindo.
Moreover, Indosat has been newly incorporated into the LQ45 Index, denoting its status as one of the most liquid equities traded on the Indonesian Stock Exchange (IDX). This inclusion serves as additional validation of the company's stable financial position and promising avenues for growth. It also underscores Indosat's substantial transaction value and frequency within the Indonesian capital market.
Indonesia: An AI-Empowered Nation
Indosat has recently partnered with NVIDIA to become the country’s first NVIDIA Cloud Provider Partner. Together with Lintasarta, Indosat aims to make NVIDIA’s cutting-edge AI platform accessible to a wider audience, promoting technological innovation and digital expansion throughout the country.
Moreover, the company enhanced its cybersecurity efforts by forming strategic partnerships with industry giants, Cisco, and Mastercard. The collaborations will provide state-of-the-art cybersecurity solutions to businesses, strengthening their digital resilience and promoting the growth of expertise in the field of cybersecurity.
Indosat remains committed to leading Indonesia's digital transformation while prioritizing sustainable growth, promoting innovation, and generating long-term value for its stakeholders.
