ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

PT XL Axiata Tbk

Company Background

XL Axiata is Indonesia's second-largest mobile phone operator by subscribers. XL was established in 1995 as a joint venture between several companies, including an affiliate of Rajawali Group, an Indonesian conglomerate. The shares were later consolidated under the Axiata Group, Malaysia's largest telecommunications company and a two-thirds shareholder. The remainder is publicly traded on the Indonesia Stock Exchange.

Hasnul Suhaimi, an Indonesian, became the company's president and chief executive only a few months after resigning as president of rival Indosat in 2006. The move came amid allegations that Singapore's sovereign wealth fund, Temasek Holdings -- an indirect shareholder in Indosat and its rival, Telekomunikasi Selular better known as Telkomsel -- violated Indonesia's antimonopoly laws. Indosat did not publicly provide a reason for Suhaimi's departure.

XL spent $865 million to buy smaller rival Axis Telekom Indonesia, putting it ahead of Indosat. But the acquisition left XL with a hefty debt, prompting the company to sell 3,500 telecommunication towers to a local tower operator.

Business Summary

PT XL Axiata Tbk engages in the provision of telephony services. It offers the following products and services: cellular mobile network, internet services provider, closed fixed network services, internet telephony service for public interest license, internet interconnection services, and packet switched local fixed network license. The company was founded on October 6, 1989 and is headquartered in Jakarta Selatan, Indonesia.

Financial Highlights

Dec 2021 IDRUSD
Gross Profit6,196.40B433.47M
Operating income3,330.60B232.99M
Income before tax1,707.50B119.44M
Net income1,287.80B90.08M
Diluted EPS120.710.00
Dividends Per Share510.00
Total Assets72,753.30B5,104.59M
Total liabilities52,664.60B3,695.11M
Total equity20,088.70B1,409.48M
Operating cash flow11,963.30B836.89M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 22,875.66B 22,938.81B 25,132.62B 26,009.09B 26,754.10B
Gross Profit 3,537.39B -593,948M 5,121.13B 2,762.04B 6,196.40B
Operating income 1,370.20B -3,109.01B 2,619.66B 621,620M 3,330.60B
Income before tax 221,238M -4,396.28B 1,144.11B 146,211M 1,707.50B
Net income 375,244M -3,296.89B 712,579M 371,598M 1,287.80B
EBITDA 8,321.24B 8,512.30B 9,982.86B 13,076.30B 13,286.80B
Diluted EPS 35 -308.46 66.67 34.84 120.71
Dividends Per Share 0 0 20 31.70 51
Total Assets 56,321.44B 57,613.95B 62,725.24B 67,744.79B 72,753.30B
Total liabilities 34,690.59B 39,270.85B 43,603.27B 48,607.43B 52,664.60B
Total equity 21,630.85B 18,343.09B 19,121.96B 19,137.36B 20,088.70B
Operating cash flow 8,763.18B 8,521.39B 11,442.04B 13,304.69B 11,963.30B
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,709.46M 1,611.23M 1,777.21M 1,788.58M 1,871.58M
Gross Profit 264.34M -41.71M 362.13M 189.93M 433.47M
Operating income 102.39M -218.37M 185.24M 42.74M 232.99M
Income before tax 16.53M -308.79M 80.90M 10.05M 119.44M
Net income 28.04M -231.57M 50.38M 25.55M 90.08M
EBITDA 621.83M 597.90M 705.92M 899.22M 929.47M
Diluted EPS 0.00 -0.02 0.00 0.00 0.00
Dividends Per Share 0 0 0.00 0.00 0.00
Total Assets 4,151.20M 4,006.53M 4,518.29M 4,821.69M 5,104.59M
Total liabilities 2,556.88M 2,730.93M 3,140.88M 3,459.60M 3,695.11M
Total equity 1,594.31M 1,275.59M 1,377.41M 1,362.09M 1,409.48M
Operating cash flow 654.85M 598.54M 809.10M 914.93M 836.89M

Valuation Measures

Dec 2021
Operating margin12.44%
Profit margin4.81%

Key executives

  • President Director: Dian Siswarini
  • Chief Financial Officer & Director: Budi Pramantika
  • Chief Technology Officer & Director: I Gede Darmayusa
  • Director: Yessie D. Yosetya
  • Director: David Arcelus Oses


  • Axiata Group Bhd. (61.1%)
  • PT XL Axiata Tbk (5.1%)
  • Norges Bank Investment Management (2.0%)
  • The Vanguard Group, Inc. (1.0%)
  • Dimensional Fund Advisors LP (0.7%)
  • Brandes Investment Partners LP (0.7%)
  • BlackRock Fund Advisors (0.5%)
  • Templeton Investment Counsel LLC (0.4%)
  • PT Schroder Investment Management Indonesia (0.1%)
  • PT Indo Premier Securities (Investment Management) (0.1%)

Contact Details

  • Website:
  • Address: XL Axiata Tower, JL. H. R. Rasuna Said X5 Kav. 11-12, Jakarta Selatan, 12950, Indonesia
  • Phone: +62.21.576.1881

Related Companies

  • PT Magna Karya Archipelago
  • Axis Telekom
  • Excel Phoneloan 818 BV
  • Excelcomindo Finance Co. BV


  • PT Telkom Indonesia (Persero) Tbk Class B
  • PT Sarana Menara Nusantara Tbk
Last Updated on 1 Jul, 2022

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more