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ISSUER NEWS - JAKARTA. PT Indosat Tbk (ISAT) has reported a growth in revenue and profit for the first quarter of 2024.
According to information disclosed on the Indonesia Stock Exchange (BEI), ISAT's revenue increased to IDR 13.83 trillion in the first quarter of 2024, a 15.8% year-on-year (yoy) increase. Meanwhile, ISAT's EBITDA rose 22.1% yoy to IDR 6.50 trillion.
In detail, the majority of ISAT's revenue came from cellular revenue, which was IDR 11.65 trillion in the first quarter of 2024. Then, revenue from multimedia, data communication, and internet (MIDI) was IDR 1.97 trillion, and fixed telecommunications revenue was IDR 207.19 billion.
In line with the increase in revenue, ISAT's expenses also rose to IDR 11.069 trillion at the end of March 2024. In the same period last year, ISAT recorded expenses of IDR 9.58 trillion.
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As a result, the profit for the period attributable to the parent entity increased to IDR 1.39 trillion in the first quarter of 2024. This profit grew 39.36% from the same period last year, which was IDR 929.06 billion.
ISAT's customer base increased by 2.3 million customers yoy in the first three months of 2024 to 100.8 million.
The average revenue per user (ARPU) or average income per cellular customer of ISAT increased to IDR 37.5 thousand. This is a 13.9% yoy increase or IDR 4.6 thousand higher compared to the first quarter of 2023.
ISAT's data traffic growth in the first quarter of 2024 increased by 14.3% yoy.
In addition, ISAT's network coverage also increased with the increase in the number of 4G BTS reaching 184,000, thus being able to handle high traffic increases and provide the best experience for users.
Indosat Ooredoo Hutchison's President Director and Chief Executive Officer, Vikram Sinha, stated that the achievements of the first quarter of 2024 reflect Indosat's commitment to creating sustainable value for all stakeholders and strengthening Indonesia's digital economy.
Vikram revealed that ISAT continues to improve its network to ensure smooth connectivity for customers throughout Indonesia.
“We are also significantly improving operational excellence and efficiency, which allows us to achieve revenue growth and continue to increase profitability," he said in an official statement, Tuesday (30/4).
In the first quarter of 2024, Indosat received an Outlook upgrade from “Stable” to “Positive” by international rating agency Fitch. ISAT also maintained a credit rating of AA+(idn). The company also received an idAAA (Stable) rating from Pefindo.
