Indosat reports strong financial performance in 2023
Indosat Ooredoo Hutchison ("Indosat", "IOH", or the "Company") has delivered a strong financial performance for the nine months finishing 30 September 2023, featuring significant year-on-year increases in total revenue and EBITDA. These latest achievements continue the company's mission to empower Indonesia on its digital transformation journey.
The telecommunications firm generated USD2.4 billion in total revenue during the first nine months of 2023 (9M23), marking an 8.5% year-on-year growth. This has been credited to gains in Cellular, MIDI, and Fixed Telecom business segments. A harmonious blend of top-line growth and cost optimisation momentum resulted in a 24.0% year-on-year EBITDA increase to USD1.1 billion. The EBITDA margin stood at 46.6% in 9M 2023. The Profit for the Current Period Attributable to the Owners of the Parent Entity was recorded as USD179.5 million with Indosat noting an impressive run of 11 consecutive quarters of positive net profit.
Vikram Sinha, President Director & CEO of Indosat Ooredoo Hutchison, commented optimistically on this performance, "We are pleased to record robust financial and operational performance during 9M23, including delivering an eleventh consecutive quarter of positive net profit. Our performance has been driven by our commitment to excellence, a meticulously planned go-to-market strategy, and our unwavering focus on delivering a marvellous experience for customers."
He further emphasised Indosat's ongoing commitment to creating world-class digital experiences with simple and transparent products for customers and expanding its network. Echoing the company's strategic focus on attracting high-quality consumers and launching new digital products, to augment user expenditure.
The company hasn't restricted its commitment to merely its products. Indosat has made strides to connect and empower the Indonesian people by accelerating the nation's digital transformation. In line with this mission, the company has amplified its 4G network in the Nusa Tenggara region of Eastern Indonesia, substantially increasing digital inclusivity and offering greater opportunities for local communities.
By doing so, Indosat's network has now reached over 80% of the population throughout Nusa Tenggara, doubling mobile internet capacity from just a year ago and continuing to expand its reach into previously underserved rural areas in Eastern Indonesia.
The corporates initiatives extend beyond expanding its own operations, to strengthening digital literacy. Indosat has entered into a partnership with the International Telecommunication Union (ITU) and its Digital Transformation Centres Initiative (DTCI). The endeavour aims to offer digital skills training in remote and underrepresented communities in Indonesia. The company also announced a new partnership with Cisco to intermix cybersecurity training courses into Indosat's highly successful IDCamp training program to bolster its digital empowerment drive.
In addition to its business pursuits, Indosat asserts businesses have a crucial role in building a better and more sustainable world. The Company continues to forward initiatives under its Environmental, Social, and Governance (ESG) framework. These initiatives include reducing emissions and energy consumption through the use of eco-friendly solar panels, efficient batteries, and launching an intelligent cell sleep mode across its mobile base stations.
Indosat continues to reinforce its Corporate Social Responsibility programs, amongst them, IDCamp and SheHacks, which aim to extend digital and gender inclusion and equality. To uphold its commitment to excellence, Indosat is working actively in strengthening its privacy and data protection systems to meet the highest possible standards.
Concluding his statement, Sinha said, "We believe we are on the right pathway to transform Indosat from a telecommunications company into a technology company and lead the industry's digital transformation. We will continue our infinite journey in empowering Indonesia and helping to put the nation at the forefront of the region's digital transformation journey."
