Sheikh In Qatar Makin Tajir, Indosat Successfully Earns Rp172 Billion In Net Profit In Q1 2021

Indosat Ooredoo officials are taking photos together. (Photo: Doc. Indosat)

JAKARTA – PT Indosat Tbk. (Indosat Ooredoo) reported its first quarter 2021 financial performance with a net profit of Rp172 billion. The book was inversely proportional to the same period last year with a record net loss of Rp605.61 billion.

President Director of Indosat Ooredoo Ahmad Al-Neama said the pandemic condition does bring its own challenges in business activities. Nevertheless, the company was able to take good opportunities from the difficult conditions that occur today.

"Our growth momentum continues to build as reflected by record net profit. This will be the new benchmark for our next financial performance," he said as quoted on Friday, May 21.

Ahmad added that it carries out a special strategy to provide simple and relevant products, and supported by efforts to maintain network excellence. According to him, the strategy has accelerated Indosat Ooredoo's position in mobile market share and a strong rebound in the company's business.

"I would like to thank our loyal customers and all our stakeholders for their support during this time. The Company will continue to be committed to ensuring connectivity and availability of digital products and services needed by people throughout Indonesia," he said.

The company's moncer result with isat stock code in the first three months of this year was supported by operating income which rose 12.6 percent year-on-year (y-o-y) to Rp7.3 trillion.

In detail, mobile revenue increased by 12.5 percent y-o-y to Rp6 trillion. The enterprise business is also said to have recovered in the first quarter of 2021 with growth of 17.1 percent y-o-y to Rp1.3 trillion.

Then, earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 42.5 percent y-o-y to Rp3.4 trillion.

Based on information reported by the Indonesia Stock Exchange (IDX), ISAT is currently controlled by a Qatari conglomerate called Ooredoo Asia Pte. Ltd., which holds a 65 percent stake in the company.

The share is much larger than that owned by the Indonesian government with 14.29 percent. While the rest is a public share with a percentage of ownership below 5 percent.

Indosat Ooredoo itself claims to have 60 million loyal customers who in the first quarter of this year grew 7 percent y-o-y. In addition, the mobile operator also mentioned if successful get revenue of around Rp32,000 from each customer who uses the company's network services.