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10 February 2025
Full Year 2024 Results
Total Revenue of IDR55,886.9 Bn, +9.1% YoY.
EBITDA of IDR26,375.1Bn, +10.2% YoY. Sustained Net Profit of IDR4,910.8 Bn
PT Indosat Tbk. (“the Company”) has demonstrated robust performance the full year of the 2024 financial
year, maintaining its double-digit growth trajectory. Total revenue increased 9.1% YoY to IDR 55,886.9
billion while EBITDA grew faster than revenue increasing by 10.2% YoY to IDR26,375.1 billion. EBITDA margin
stood at 47.2% in FY 2024 highlighting the Company’s ability to convert revenue into earnings efficiently.
Profit For The Year Attributable To Owners Of The Parent was IDR4,910.8 billion. This profitability
underscores the Company's solid financial health and its capacity to generate substantial returns for
stakeholders.
The Company's customer base decreased by 4.1 million to 94.7 million in FY 2024 compared to the same
period in FY 2023. ARPU for cellular customers increased to IDR38.0 thousand in the FY 2024, marking a
6.6% rise or IDR 2.4 thousand higher than in FY 2023.
Data traffic experienced an impressive 12.2% YoY increase in FY 2024. The Company expanded its
network infrastructure, increasing the number of 4G BTS to 196k to effectively handle the data traffic
growth and provide the best customer experience for its users.
Financial Highlights
* excluding Right of Use Assets under PSAK 116
On November 21, 2024, the Company, through its IM3 brand, officially relaunched its postpaid service with
a new identity, IM3 PLATINUM. Featuring a premium and exclusive touch, IM3 Platinum pioneers
telecommunication services that integrate the sophistication of Artificial Intelligence (AI) with personalized
human interaction, offering the Platinum Experience. Under the concept of “Simple, Next Level,” IM3
Platinum is specially designed for customers ready to the next level, prioritizing growth and seeking
upgrades in both their careers and personal lives in a simple and seamless way.
The Company remains focused on delivering world-class digital services to all customers across Indonesia.
As a concrete step, on December 5, 2024, Indosat announced a partnership with Nokia to expand 4G and
5G networks in various regions of Indonesia. Through this collaboration, Indosat will utilize advanced
technology from Nokia, such as multiband radios and baseband solutions to improve coverage and
service quality in key strategic areas across the country. This partnership underscores Indosat's
commitment to continuously connect and empower the Indonesian people with trusted network partners.
Head Office
Jalan Medan Merdeka Barat No. 21 www.ioh.co.id
Jakarta 10110, Indonesia
P: (62-21) 3000 3001
Page 2
FULL YEAR 2024
OPERATING AND FINANCIAL RESULTS
The Company has released its audited consolidated financial statements for the Full Year 2024 (“FY 2024”).
The audited consolidated financial statements have been prepared and presented in accordance with
Indonesian Financial Accounting Standards (IFAS).
Audited Consolidated Statements of Profit or Loss and Other Comprehensive Income
Key Indicators Annually Quarterly
(in IDR billion) FY 2024 FY 2023 Growth % 4Q 2024 3Q 2024 Growth %
Revenues 55,886.9 51,228.8 9.1 14,074.9 13,835.7 1.7
• Cellular 47,036.0 43,749.9 7.5 11,801.3 11,633.7 1.4
• MIDI 7,986.5 6,472.9 23.4 2,079.3 1,990.8 4.4
• Fixed Telecom 864.4 1,006.0 (14.1) 194.3 211.2 (8.0)
Expenses (45,049.0) (40,801.1) 10.4 (11,705.3) (11,120.1) 5.3
Operating Profit 10,837.9 10,427.7 3.9 2,369.6 2,715.6 (12.7)
Other Expenses - Net (4,105.4) (4,496.1) (8.7) (935.5) (1,138.9) (17.9)
Profit for the Year
Attributable to Owners
of The Parent 4,910.8 4,506.4 9.0 1,032.6 1,143.5 (9.7)
EBITDA* 26,375.1 23,938.0 10.2 6,374.6 6,588.3 (3.2)
EBITDA Margin 47.2% 46.7% 0.5 45.3% 47.6% (2.3)
Financial Ratios
Formula FY 2024 FY 2023
Interest Coverage** EBITDA/Interest Payment 22.50 14.42
Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 0.40 0.40
* EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFAS measure that management believes is a useful
supplemental measure of cash generated prior to debt service, capital expenditures and income tax. Investors are cautioned that
EBITDA should not be construed as an alternative to net income determined in accordance with IFAS as an indicator of the Company’s
performance or to cash flows from operations as a measure of liquidity and cash flows. EBITDA does not have a standardized meaning
prescribed by IFAS. The Company’s method of calculating EBITDA may differ from the methods used by other companies and,
accordingly, it may not be comparable to similarly titled measures used by other companies.
** Calculated using EBITDA and interest payment for the years ended 31 December 2024 and 2023.
*** Net debt excludes lease liabilities.
AUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Revenues of IDR 55,886.9 billion were recorded for FY 2024, an increase of IDR4,658.1 billion or 9.1% higher
compared to FY 2023. The Company’s Cellular, MIDI, and Fixed Telecommunication business each
contributed 84.2%, 14.3%, and 1.5%, respectively, to the consolidated operating revenues for the year
ended 31 December 2024.
• Cellular Revenues increased by 7.5% compared to FY 2023, attributable to increase in Data and
interconnection services, offsetting with decrease in Voice revenue.
• MIDI Revenues increased by 23.4% compared to FY 2023, attributable to increase in Fixed Internet,
Fixed Connectivity, and IT Services revenue.
• Fixed Telecommunication Revenues decreased by 14.1% compared to FY 2023 driven by decrease in
International Call revenues, offsetting with increased fixed line.
Expenses of IDR45,049.0 billion were recorded for FY 2024, an increase of IDR4,247.9 billion or 10.4% higher
compared to FY 2023. This increase was mainly due to increases in Cost of Services, Depreciation and
Amortization, Personnel, Marketing Expenses, General and Administration Expenses and decrease in
Other Operating Income (Expense) - net.
• Cost of Services: increased by IDR1,655.4 billion or 7.9% higher over FY 2023, mainly due to increase in
partnership cost, rental and services, installation and maintenance, offsetting with lower starter pack
and voucher, radio frequency fee and interconnection cost.
• Depreciation and Amortization: increased by IDR937.3 billion or 6.4% higher over FY 2023,
mainly due to impact of depreciation from additional fixed assets and right of use asset
from network roll out and amortization intangible assets.
• Personnel Expenses: increased by IDR195.1 billion or 5.3% higher over FY 2023 mainly
due to increase in employee salary, medical expenses and incentives and other
employee benefits offsetting with lower bonus.
Head Office
Jalan Medan Merdeka Barat No. 21 www.ioh.co.id
Jakarta 10110, Indonesia
P: (62-21) 3000 3001
Page 3
• Marketing Expenses: increased by IDR316.4 billion or 18.9% higher over FY 2023, mainly due to increase
in subscriber acquisition cost with expansion of rural distribution and the impact of accounting
treatment change in distribution model, and marketing agency as impact from higher activities to
support revenue growth, offsetting with decrease in advertising, exhibition and promotion.
• General and Administration Expenses: increased by IDR54.1 billion or 6.5% higher over FY 2023 mainly
due to increase in public relations expenses, professional fees, and transportation.
• Other Operating Income (Expense) - net: decreased by IDR1,089.6 billion or 98.1% lower over FY 2023
mainly due to one-off net gain on assets sale and leaseback in 2023.
Other Expenses - net: The Company recorded other expenses-net of IDR4,105.4 billion, decreased by
IDR390.7 billion or 8.7% lower over FY 2023. This was due to a decrease in finance costs of IDR246.8 billion
driven by lower average debt in 2024, higher gain (loss) on foreign exchange by IDR 111.9 billion and higher
interest income by IDR 32.0 billion.
Profit for the Year Attributable to Owners of the Parent: The Company recorded net profit of IDR4,910.8
billion, increased by IDR404.4 billion primarily due to increase in revenue and decrease in other expenses
- net, offset by increase in cost of services, depreciation & amortization, personnel expenses, marketing
expenses, general and administrative expenses, and decrease in other operating income (expenses) -
net.
AUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Key Indicators (in IDR billion) FY 2024 FY 2023 Growth %
ASSETS
Current Assets 14,877.7 15,479.7 (3.9)
Non-Current Assets 99,509.0 99,242.5 0.3
TOTAL ASSETS 114,386.7 114,722.2 (0.3)
LIABILITIES
Current Liabilities 31,009.0 34,134.3 (9.2)
Non-Current Liabilities 46,725.9 46,879.1 (0.3)
TOTAL LIABILITIES 77,734.9 81,013.4 (4.0)
TOTAL EQUITY 36,651.8 33,708.8 8.7
TOTAL LIABILITIES & EQUITY 114,386.7 114,722.2 (0.3)
• Current assets decreased by 3.9% to IDR14,877.7 billion, mainly due to decrease in cash and cash
equivalent offset with increase trade receivable.
• Non-current assets increased by 0.3% to IDR99,509.0 billion, mainly due to an increase in fixed assets,
offset by a decrease in intangible assets, prepaid frequency fee and license and investment in
associate and joint venture.
• Current liabilities decreased by 9.2% to IDR31,009.0 billion mainly due to decrease in procurement
payables, taxes payable, unearned revenue, accrual, short term employee benefit obligations and
lease liabilities offset by increase in current maturities of loans and bonds payable.
• Non-current liabilities decreased by 0.3% to IDR46,725.9 billion mainly due to decrease long term bonds
and sharia, other non-current liabilities offset by increase in lease liabilities and long term loan.
Cash Flow and Capital Expenditure
Key Indicators (in IDR billion) FY 2024 FY2023 Growth %
Net Cash Flows Provided by Operating Activities 19,096.1 17,680.5 8.0
Net Cash Flows Used in Investing Activities (12,464.8) (10,771.2) 15.7
Net Cash Flows Used in Financing Activities (7,380.4) (11,111.0) (33.6)
Net Foreign Exchange Differences from Cash and Cash Equivalents 13.6 (116.6) (111.7)
Net Decrease in Cash and Cash Equivalents (735.5) (4,318.3) (83.0)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 5,189.6 9,507.9 (45.4)
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 4,454.1 5,189.6 (14.2)
Capex in FY 2024 amounted to IDR9,937.9 billion (excluding IDR6,634.7 billion of Right of Use Assets).
Approximately 82.7% of the Capex was allocated to cellular, to support data services demand
and the remaining balance was allocated to MIDI and IT Capex.
Head Office
Jalan Medan Merdeka Barat No. 21 www.ioh.co.id
Jakarta 10110, Indonesia
P: (62-21) 3000 3001
Page 4
STATUS OF DEBT
Total outstanding debt: As of 31 December 2024, the Company had total outstanding gross debts
(excluding unamortized transaction costs and lease liabilities) of IDR14,916.0 billion. The Company’s cash
position as at 31 December 2024 stood at IDR4,454.1 billion and net debt is at IDR10,461.9 billion. The
composition of the Company’s gross debt, excluding lease liabilities, is as follows:
Debt Proportion (Principal amount) FY 2024 FY 2023 Growth %
IDR Loans (billion) 9,050.0 7,420.0 22.0
IDR Bonds (billion) 5,866.0 7,383.0 (20.5)
Total maturing debt: in the next twelve months, IDR3,870.8 billion of the Company’s debt is maturing. The
average tenor of debt is 2.0 years as of 31 December 2024.
OPERATIONAL RESULTS
Annually Quarterly
Key Indicators
FY 2024 FY 2023 Growth % 4Q 2024 3Q 2024 Growth %
Customers - Postpaid (million) 1,5 1,6 (2,4) 1,5 1,4 6,9
Customers - Prepaid (million) 93,2 97,2 (4,1) 93,2 97,3 (4,2)
Customers - Total (million) 94,7 98,8 (4,1) 94,7 98,7 (4,0)
ARPU (Postpaid) (IDR thousand) 94,6 74,4 27,1 99,6 94,1 5,9
ARPU (Prepaid) (IDR thousand) 37,1 35,0 6,1 38,0 36,4 4,4
ARPU (Blended) (IDR thousand) 38,0 35,6 6,6 38,9 37,2 4,6
MoU (minutes) 5,5 7,3 (24,7) 5,3 5,4 (0,9)
Data Traffic (PB) 16.170 14.417 12,2 4.119 4.085 0,8
SMS Traffic (bn) 1,7 3,3 (48,8) 0,2 0,4 (51,3)
Percentage changes may vary due to rounding
In FY 2024, the Company’s customer base decreased by 4.1 million customers to 94.7 million compared to
FY 2023 due to sim consolidation in the market.
ARPU for cellular customers increased in FY 2024 to IDR38.0 thousand, an increase of 6.6% or IDR2.4
thousand higher compared to FY 2023.
Average Minutes of Usage (MOU) per customer decreased to 5.5 minutes, a 24.7% decrease compared to
FY 2023 inline with the decrease of industry trend related to traditional voice services.
NETWORKS
As of 31 December 2024, the Company operated ~196K 4G BTS (adding ~17K 4G BTS during FY 2024) and
107 5G BTS.
Annually
Key Indicators
FY 2024 FY 2023 % Change
Base Transceiver Stations (BTS) 2G 53,862 50,361 7.0
4G 196,348 179,070 9.6
5G 107 90 18.9
About Indosat Ooredoo Hutchison
Indosat Ooredoo Hutchison (Indosat, IDX: ISAT) has the vision to become the most preferred digital telecommunications company in
Indonesia. Together with its subsidiaries and affiliates, Indosat provides cellular services, ICT solutions, data centers, Fiber to the
Home (FTTH), electronic payment services, financial services, and other digital services. Indosat has a larger purpose of
empowering Indonesia, and with the spirit of Gotong Royong, Indosat wants to be the main collaborator in realizing it
and creating meaningful change. https://ioh.co.id/
Ticker: ISAT; Closing Price: IDR2,480; Market Capitalization: IDR80.0 trillion; Ratings: Pefindo idAAA (Stable);
Fitch AAA(idn) (Stable);
Head Office
Jalan Medan Merdeka Barat No. 21 www.ioh.co.id
Jakarta 10110, Indonesia
P: (62-21) 3000 3001
Page 5
AUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For The years Ended 31 December 2024 and 2023
(Expressed in Billions of Rupiah)
Growth
Description 2024 2023
(%) (1)
REVENUES
Cellular 47.036,0 43.749,9 7,5
Multimedia, Data Communication, Internet ("MIDI") 7.986,5 6.472,9 23,4
Fixed Telecommunications 864,4 1.006,0 (14,1)
TOTAL REVENUES 55.886,9 51.228,8 9,1
(EXPENSE) INCOME
Cost of services (22.740,3) (21.084,9) 7,9
Depreciation and Amortization (15.558,5) (14.621,2) 6,4
Personnel (3.889,7) (3.694,6) 5,3
Marketing (1.993,0) (1.676,6) 18,9
General and Administration (888,8) (834,7) 6,5
Share of Net Loss of Associates and Joint Ventures (82,1) (72,0) 14,0
Gain (Loss) on Foreign Exchange - net 51,8 (1,4) 3.800,0
Net Gain on Assets Sale and Leaseback - 1.342,5 (100,0)
Others - Net 51,6 (158,2) 132,6
TOTAL EXPENSES (45.049,0) (40.801,1) 10,4
OPERATING PROFIT 10.837,9 10.427,7 3,9
Interest Income 363,0 331,0 9,7
Gain (Loss) on Foreign Exchange - net 9,4 (102,5) (109,2)
Finance Costs (4.477,8) (4.724,6) (5,2)
OTHER EXPENSES - Net (4.105,4) (4.496,1) (8,7)
PROFIT BEFORE INCOME TAX 6.732,5 5.931,6 13,5
INCOME TAX EXPENSE (1.460,1) (1.155,9) 26,3
PROFIT FOR THE YEAR 5.272,4 4.775,7 10,4
PROFIT FOR THE YEAR ATTRIBUTABLE TO:
OWNERS OF THE PARENT 4.910,8 4.506,4 9,0
NON-CONTROLLING INTERESTS 361,6 269,3 34,2
TOTAL 5.272,4 4.775,7 10,4
1) Percentage changes may vary due to rounding.
Disclaimer
This document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies,
and objectives of Indosat Ooredoo Hutchison, that are not statements of historical fact which would be treated as fo rward-looking
statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause
actual events and Indosat Ooredoo Hutchison's future results to be materially different than expected or indicated by such statements.
No assurance can be given that the results anticipated by Indosat Ooredoo Hutchison, or indicated by any such forward looking
statements, will be achieved.
The financial information provided herein is based on Indosat Ooredoo Hutchison’s consolidated financial statements in accordance with
Indonesian Financial Accounting Standards.
Head Office
Jalan Medan Merdeka Barat No. 21 www.ioh.co.id
Jakarta 10110, Indonesia
P: (62-21) 3000 3001
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