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30 October 2024
Nine Months 2024 Results
Total Revenue of IDR41,812.0 Bn, +11.6% YoY.
EBITDA of IDR20,000.5 Bn, +14.5% YoY. Sustained Net Profit of IDR3,878.2 Bn
PT Indosat Tbk. (“the Company”) has demonstrated robust performance in the nine months of the 2024
financial year, maintaining its double-digit growth trajectory. Total revenue increased 11.6% YoY to
IDR41,812.0 billion while EBITDA grew faster than revenue increasing by 14.5% YoY to IDR20,000.5 billion.
EBITDA margin stood at 47.8% in 9M 2024 highlighting the Company’s ability to convert revenue into
earnings efficiently. Profit For The Period Attributable To Owners Of The Parent was IDR3,878.2 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 0.7 million to 98.7 million in the nine months of 2024
compared to the same period in 2023. ARPU for cellular customers increased to IDR37.7 thousand in the
nine months of 2024, marking a 8.7% rise or IDR3.0 thousand higher than in the nine months of 2023.
Data traffic experienced an impressive 12.6% YoY increase in the nine months of 2024. The Company
expanded its network infrastructure, increasing the number of 4G BTS to 194k 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 August 9, 2024, the Company and Google Cloud announced an expanded partnership to deliver next-
generation sovereign cloud and edge cloud services in Indonesia that meet the country’s most stringent
data residency, security, and privacy requirements. Under the partnership, Indosat Group plans to offer
Google Distributed Cloud (GDC) to organizations in Indonesia to meet the unique demands of
organizations that want to run artificial intelligence (AI) and data-intensive workloads at their location of
choice. This partnership will empower Indonesian organizations in the public sector and other critical
industries, such as defense, healthcare and life sciences, financial services, energy and utilities, and
manufacturing to accelerate digital transformation with best-in-class AI and analytics capabilities, while
ensuring they have complete control and protection of their sensitive data.
On August 18, 2024, the Company reaffirms its commitment to transition from Telco to AI Native TechCo
by maximizing the use of AI across the Company's operations. Continuing its strategic partnership with
Microsoft, Indosat employs Copilot for Microsoft 365, an integrated AI assistant, to enhance productivity
and connect communities across the Indonesian archipelago.
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NINE MONTHS 2024
OPERATING AND FINANCIAL RESULTS
The Company has released its unaudited interim consolidated financial statements for the Nine Months
2024 (“9M 2024”). The unaudited interim consolidated financial statements have been prepared and
presented in accordance with Indonesian Financial Accounting Standards (IFAS).
Unaudited Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
Key Indicators Annually Quarterly
(in IDR billion) 9M 2024 9M 2023 Growth % 3Q 2024 2Q 2024 Growth %
Revenues 41,812.0 37,462.4 11.6 13,835.7 14,141.0 (2.2)
• Cellular 35,234.7 32,173.4 9.5 11,633.7 11,944.2 (2.6)
• MIDI 5,907.2 4,538.4 30.2 1,990.8 1,945.1 2.3
• Fixed Telecom 670.1 750.6 (10.7) 211.2 251.7 (16.1)
Expenses (33,343.7) (30,395.6) 9.7 (11,120.1) (11,154.3) (0.3)
Operating Profit 8,468.3 7,066.8 19.8 2,715.6 2,986.7 (9.1)
Other Expenses - Net (3,169.9) (3,464.6) (8.5) (1,138.9) (1,033.9) 10.2
Profit for the Period
Attributable to Owners
of The Parent 3,878.2 2,787.1 39.1 1,143.5 1,439.9 (20.6)
EBITDA* 20,000.5 17,466.9 14.5 6,588.3 6,902.9 (4.6)
EBITDA Margin 47.8% 46.6% 1.2 47.6% 48.8% (1.2)
Financial Ratios
Formula 9M 2024 9M 2023
Interest Coverage** EBITDA/Interest Payment 22.11 14.36
Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 0.37 0.36
* 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 periods ended 30 September 2024 and 2023.
*** Net debt excludes lease liabilities.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
Revenues of IDR41,812.0 billion were recorded for 9M 2024, an increase of IDR4,349.6 billion or 11.6% higher
compared to 9M 2023. The Company’s Cellular, MIDI, and Fixed Telecommunication business each
contributed 84.3%, 14.1%, and 1.6%, respectively to the interim consolidated operating revenues for the
period ended 30 September 2024.
• Cellular Revenues increased by 9.5% compared to 9M 2023, attributable to increase in Data, offsetting
with decrease in Voice revenue and Value-Added services.
• MIDI Revenues increased by 30.2% compared to 9M 2023, attributable to increase in Fixed Internet,
Fixed Connectivity, and IT Services revenue.
• Fixed Telecommunication Revenues decreased by 10.7% compared to 9M 2023 driven by decrease in
International Call revenues.
Expenses of IDR33,343.7 billion were recorded for 9M 2024, an increase of IDR2,948.1 billion or 9.7% higher
compared to 9M 2023. This increase was mainly due to increase 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 IDR1,091.2 billion or 7.0% higher over 9M 2023, mainly due to increase in
rental and services, partnership cost, and installation offsetting with lower maintenance, radio
frequency fee and interconnection cost.
• Depreciation and Amortization: increased by IDR682.0 billion or 6.2% higher over 9M
2023, mainly due to impact of depreciation from additional fixed assets from
network roll out and amortization intangible assets.
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• Personnel Expenses: increased by IDR212.8 billion or 7.8% higher over 9M 2023 mainly due to increase
in employee salary, medical expenses and incentives and other employee benefits offsetting with
lower bonus.
• Marketing Expenses: increased by IDR414.6 billion or 39.7% higher over 9M 2023, mainly due to increase
in subscriber acquisition cost with expansion of rural distribution and the impact of accounting
treatment change in distribution model, marketing agency, and customer service as impact from
higher activities to support revenue growth, offsetting with decrease in advertising.
• General and Administration Expenses: increased by IDR97.4 billion or 17.1% higher over 9M 2023 mainly
due to increase in professional fees, transportation and public relations expenses.
• Other Operating Income (Expense) - net: decreased by IDR450.1 billion or 84.7% lower over 9M 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 IDR3,169.9 billion, decreased by
IDR294.7 billion or 8.5% lower over 9M 2023. This was due to a decrease in finance costs of IDR271.0 billion
mainly due to lower outstanding debt, lower loss on foreign exchange by IDR 43.8 billion and lower interest
income by IDR 20.1 billion.
Profit for the Period Attributable to Owners of the Parent: The Company recorded net profit of IDR3,878.2
billion, increased by IDR1,091.1 billion primarily due to increase in revenue, 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.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Key Indicators (in IDR billion) 9M 2024 FY 2023 Growth %
ASSETS
Current Assets 12,160.5 15,479.7 (21.4)
Non-Current Assets 100,085.4 99,242.5 0.8
TOTAL ASSETS 112,245.9 114,722.2 (2.2)
LIABILITIES
Current Liabilities 29,650.0 34,134.3 (13.1)
Non-Current Liabilities 47,067.2 46,879.1 0.4
TOTAL LIABILITIES 76,717.2 81,013.4 (5.3)
TOTAL EQUITY 35,528.7 33,708.8 5.4
TOTAL LIABILITIES & EQUITY 112,245.9 114,722.2 (2.2)
• Current assets decreased by 21.4% to IDR12,160.5 billion, mainly due to decrease in current portion of
long-term prepayment, cash and cash equivalent and inventories.
• Non-current assets increased by 0.8% to IDR100,085.4 billion, mainly due to an increase in fixed assets,
offset by a decrease in intangible assets.
• Current liabilities decreased by 13.1% to IDR29,650.0 billion mainly due to decrease in procurement
payables, short term employee benefit obligations, and taxes payable offset by increase in trade
payables, current maturities of loans and bonds payable.
• Non-current liabilities increased by 0.4% at IDR47,067.2 billion mainly due to an increase in the non-
current portion of lease liabilities.
Cash Flow and Capital Expenditure
Key Indicators (in IDR billion) 9M 2024 9M 2023 Growth %
Net Cash Flows Provided by Operating Activities 15,496.2 14,612.2 6.0
Net Cash Flows Used in Investing Activities (9,208.8) (6,374.1) 44.5
Net Cash Flows Used in Financing Activities (7,410.3) (10,830.7) (31.6)
Net Foreign Exchange Differences from Cash and Cash Equivalents (59.2) (112.3) (47.3)
Net Decrease in Cash and Cash Equivalents (1,182.1) (2,704.9) (56.3)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 5,189.6 9,507.9 (45.4)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 4,007.5 6,803.0 (41.1)
Capex in 9M 2024 amounted to IDR7,259.2 billion (excluding IDR5,480.5 billion of Right of Use
Assets). Approximately 84.2% of the Capex was allocated to cellular, to support data
services demand and the remaining balance was allocated to MIDI and IT Capex.
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STATUS OF DEBT
Total outstanding debt: As of 30 September 2024, the Company had total outstanding gross debts
(excluding unamortized transaction costs and lease liabilities) of IDR13,710.0 billion. The Company’s cash
position as at 30 September 2024 stood at IDR4,007.5 billion and net debt is at IDR9,702.5 billion. The
composition of the Company’s gross debt, excluding lease liabilities, is as follows:
Debt Proportion (Principal amount) 9M 2024 FY 2023 Growth %
IDR Loans (billion) 7,450.0 7,420.0 0.4
IDR Bonds (billion) 6,260.0 7,383.0 (15.2)
Total maturing debt: in the next twelve months, IDR2,453.6 billion of the Company’s debt is maturing. The
average tenor of debt is 2.2 years as of 30 September 2024.
OPERATIONAL RESULTS
Annually Quarterly
Key Indicators
9M 2024 9M 2023 Growth % 3Q 2024 2Q 2024 Growth %
Customers - Postpaid (million) 1.4 1.6 (8.9) 1.4 1.5 (3.0)
Customers - Prepaid (million) 97.3 97.8 (0.5) 97.3 99.4 (2.1)
Customers - Total (million) 98.7 99.4 (0.7) 98.7 100.9 (2.1)
ARPU (Postpaid) (IDR thousand) 92.9 72.3 28.5 94.1 98.7 (4.7)
ARPU (Prepaid) (IDR thousand) 36.9 34.1 8.1 36.4 37.5 (2.9)
ARPU (Blended) (IDR 37.7 34.7 8.7 37.2 38.4 (3.1)
MoU (minutes) 5.6 7.4 (24.1) 5.4 5.4 (0.8)
Data Traffic (PB) 12,050 10,701 12.6 4,085 4,107 (0.5)
SMS Traffic (bn) 1.5 2.7 (45.7) 0.4 0.4 16.8
Percentage changes may vary due to rounding
In 9M 2024, the Company’s customer base decreased by 0.7 million customers to 98.7 million compared to
9M 2023.
ARPU for cellular customers increased in 9M 2024 to IDR37.7 thousand, an increase of 8.7% or IDR3.0
thousand higher compared to 9M 2023.
Average Minutes of Usage (MOU) per customer decreased to 5.6 minutes, a 24.1% decrease compared to
9M 2023 in-line with the decrease of industry trend related to traditional voice services.
NETWORKS
As of 30 September 2024, the Company has operated ~194K 4G BTS (adding ~21K 4G BTS during 9M 2024)
and 103 5G BTS.
Annually
Key Indicators
9M 2024 9M 2023 % Change
Base Transceiver Stations (BTS) 2G 53,389 49,220 8.5
4G 193,562 172,115 12.5
5G 103 90 14.4
2023 SUSTAINABILITY REPORT
On 5 April 2024, the Company issued 2023 sustainability report. The report shows that the Company has
established a strong foundation for its commitment to environmental, social and responsibility through the
implementation of various significant sustainability initiatives.
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: IDR10,950; Market Capitalization: IDR88.3 trillion; Ratings: Pefindo idAAA (Stable);
Fitch AA+(idn) (Positive);
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For The Nine-Month Periods Ended 30 September 2024 and 2023
(Expressed in Billions of Rupiah)
Growth
Description 2024 2023
(%) (1)
REVENUES
Cellular 35,234.7 32,173.4 9.5
Multimedia, Data Communication, Internet ("MIDI") 5,907.2 4,538.4 30.2
Fixed Telecommunications 670.1 750.6 (10.7)
TOTAL REVENUES 41,812.0 37,462.4 11.6
(EXPENSE) INCOME
Cost of services (16,746.8) (15,655.6) 7.0
Depreciation and Amortization (11,613.3) (10,931.3) 6.2
Personnel (2,939.8) (2,727.0) 7.8
Marketing (1,457.9) (1,043.3) 39.7
General and Administration (667.0) (569.6) 17.1
Share of Net Loss of Associates and Joint Ventures (71.4) (69.0) 3.5
Gain (Loss) on Foreign Exchange - net 46.0 (3.7) 1,343.2
Net Gain on Assets Sale and Leaseback - 722.4 (100.0)
Others - Net 106.5 (118.5) 189.9
TOTAL EXPENSES (33,343.7) (30,395.6) 9.7
OPERATING PROFIT 8,468.3 7,066.8 19.8
Interest Income 244.4 264.5 (7.6)
Loss on Foreign Exchange - net (55.5) (99.3) (44.1)
Finance Costs (3,358.8) (3,629.8) (7.5)
OTHER EXPENSES - Net (3,169.9) (3,464.6) (8.5)
PROFIT BEFORE INCOME TAX 5,298.4 3,602.2 47.1
INCOME TAX EXPENSE (1,139.5) (616.2) 84.9
PROFIT FOR THE PERIOD 4,158.9 2,986.0 39.3
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
OWNERS OF THE PARENT 3,878.2 2,787.1 39.1
NON-CONTROLLING INTERESTS 280.7 198.9 41.1
TOTAL 4,158.9 2,986.0 39.3
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 forward -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.
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