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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 2022 IDRUSD
Gross Profit6,628.85B446.32M
Operating income3,658.15B246.30M
Income before tax1,353.03B91.09M
Net income1,109.44B74.69M
Diluted EPS103.440.00
Dividends Per Share----
Total Assets87,277.78B5,606.40M
Total liabilities61,503.55B3,950.76M
Total equity25,643.14B1,647.22M
Operating cash flow13,619.14B916.97M
Currency in IDRCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 22,938.81B 25,132.62B 26,009.09B 26,754.10B 29,141.99B
Gross Profit -593,948M 5,121.13B 2,762.04B 6,196.40B 6,628.85B
Operating income -3,109.01B 2,619.66B 621,620M 3,330.60B 3,658.15B
Income before tax -4,396.28B 1,144.11B 146,211M 1,707.50B 1,353.03B
Net income -3,296.89B 712,579M 371,598M 1,287.80B 1,109.44B
EBITDA 8,512.30B 9,982.86B 13,076.30B 13,286.80B 14,235.34B
Diluted EPS -308.46 66.67 34.84 120.71 103.44
Dividends Per Share 0 20 31.70 51 --
Total Assets 57,613.95B 62,725.24B 67,744.79B 72,753.30B 87,277.78B
Total liabilities 39,270.85B 43,603.27B 48,607.43B 52,664.60B 61,503.55B
Total equity 18,343.09B 19,121.96B 19,137.36B 20,088.70B 25,643.14B
Operating cash flow 8,521.39B 11,442.04B 13,304.69B 11,963.30B 13,619.14B
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,611.23M 1,777.21M 1,788.58M 1,871.58M 1,962.12M
Gross Profit -41.71M 362.13M 189.93M 433.47M 446.32M
Operating income -218.37M 185.24M 42.74M 232.99M 246.30M
Income before tax -308.79M 80.90M 10.05M 119.44M 91.09M
Net income -231.57M 50.38M 25.55M 90.08M 74.69M
EBITDA 597.90M 705.92M 899.22M 929.47M 958.46M
Diluted EPS -0.02 0.00 0.00 0.00 0.00
Dividends Per Share 0 0.00 0.00 0.00 --
Total Assets 4,006.53M 4,518.29M 4,821.69M 5,104.59M 5,606.40M
Total liabilities 2,730.93M 3,140.88M 3,459.60M 3,695.11M 3,950.76M
Total equity 1,275.59M 1,377.41M 1,362.09M 1,409.48M 1,647.22M
Operating cash flow 598.54M 809.10M 914.93M 836.89M 916.97M

Valuation Measures

Dec 2022
Operating margin12.55%
Profit margin3.80%

Key executives

  • President Director: Dian Siswarini
  • Chief Technology Officer & Director: I Gede Darmayusa
  • Director: Yessie D. Yosetya
  • Director: David Arcelus Oses
  • Director & Chief Commercial Officer: Abhijit J. Navalekar


  • Axiata Group Bhd. (66.2%)
  • PT XL Axiata Tbk (4.1%)
  • Norges Bank Investment Management (1.4%)
  • The Vanguard Group, Inc. (1.0%)
  • PT Batavia Prosperindo Aset Manajemen (0.8%)
  • Dimensional Fund Advisors LP (0.7%)
  • BlackRock Fund Advisors (0.5%)
  • Brandes Investment Partners LP (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.0%)
  • Mellon Investments Corp. (0.0%)

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
  • PT Hipernet IndoData
  • Excel Phoneloan 818 BV
  • Excelcomindo Finance Co. BV


  • PT Telkom Indonesia (Persero) Tbk Class B
  • PT Sarana Menara Nusantara Tbk
Last Updated on 24 Mar, 2023

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