Jakarta, Indonesia – Indosat Ooredoo Hutchison (Indosat or IOH, IDX: ISAT) has today announced its results for the first quarter of 2024, reporting outstanding financial and operational performance. 

In the first three months of the year, Indosat recorded total revenue of IDR13,835 billion, up 15.8% Year-on-Year (YoY), while EBITDA continues to grow faster than revenue, increasing by 22.1% YoY to IDR6,509 billion. This stellar financial performance was driven by positive growth momentum across all business lines and a continued commitment to cost optimization. This helped to improve Indosat’s EBITDA Margin to 47.0% and deliver a Profit For The Year Attributable To Owners Of The Parent of IDR1,295 billion, an impressive 39.4% YoY increase.

Vikram Sinha, President Director and Chief Executive Officer of Indosat Ooredoo Hutchison, said, “The first quarter of 2024’s remarkable performance reflects our dedication to creating sustainable value for all Indosat’s stakeholders and to empowering Indonesia’s digital economy. We keep improving to enhance our network to ensure seamless connectivity and a marvelous experience for customers across Indonesia. At the same time, we have doubled down on operational excellence and efficiency, which has enabled us to deliver strong revenue growth, while further improving profitability.” 

Indosat’s customer base increased 2.3% YoY, reaching 100.8 million subscribers at the end of Q1 2024. This growth contributed to a commendable surge in data traffic, which rose 14.3% YoY to 3,858 Petabytes (PB). Indosat continued to make strategic investments in enhancing its network infrastructure and increased the number of 4G BTS by 20.8% YoY to 184 thousand at the end of the quarter. This helped to ensure seamless connectivity and an elevated customer experience for the Company’s growing user base and contributed to a 13.9% YoY jump in Average Revenue Per User (ARPU) for cellular customers, which reached IDR37,500.

In Q1 2024 Indosat’s Outlook was revised to Positive from Stable by the international ratings agency Fitch and affirmed its AA+(idn) credit rating. The Company also received idAAA (Stable) ratings from Pefindo.

In recent weeks, ISAT was inserted into the LQ45 Index as one of the most liquid index in the Indonesian Stock Exchange (IDX), indicating the company has a solid financial condition and excellent prospect of growth with high transaction value and frequency in the Indonesian capital market.

Leading Indonesia’s Transformation into an AI-empowered digital nation

Indosat further enhanced its position as a technology leader in Indonesia with the announcement of a groundbreaking collaboration with NVIDIA to become the country’s first NVIDIA Cloud Provider Partner. Through this historic partnership, Indosat in conjunction with its subsidiary, Lintasarta, aims to democratize access to NVIDIA's cutting-edge AI platform, empowering enterprises across the region with unparalleled Graphic Processing Unit (GPU) technologies. By harnessing the transformative power of AI in the cloud ecosystem, Indosat is poised to catalyze Indonesia's digital economic growth by empowering its thriving digital ecosystem.

Additionally, Indosat solidified its commitment to cybersecurity through landmark collaborations with industry giants Cisco and Mastercard. The collaboration with Cisco will enable the delivery of state-of-the-art cybersecurity solutions to enterprises, particularly small and medium-sized businesses (SMBs), fortifying their digital resilience and security posture. Furthermore, the establishment of the Indosat-Mastercard Cybersecurity Center of Excellence (CoE) underscores the company's dedication to fostering cybersecurity talent development, driving innovation in cybersecurity, and spearheading industry-wide collaboration in scam detection and mitigation efforts.

As Indosat continues to chart new horizons and redefine the digital landscape in Indonesia, it remains steadfast in its commitment to driving sustainable growth, fostering innovation, and creating lasting value for all stakeholders.

“Our collaboration with NVIDIA marks a pivotal moment in Indonesia’s journey towards becoming an AI-powered nation. With unwavering determination and a shared vision for success, we stand poised to shape the technology landscape in Indonesia and beyond. Let us continue to innovate, collaborate, and inspire to connect and empower every Indonesian and help turn Indonesia into a digital nation.”