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
Financial Highlights
Dec 2022 | IDR | USD |
Revenue | 29,141.99B | 1,962.12M |
Gross Profit | 6,628.85B | 446.32M |
Operating income | 3,658.15B | 246.30M |
Income before tax | 1,353.03B | 91.09M |
Net income | 1,109.44B | 74.69M |
EBITDA | 14,235.34B | 958.46M |
Diluted EPS | 103.44 | 0.00 |
Dividends Per Share | -- | -- |
Total Assets | 87,277.78B | 5,606.40M |
Total liabilities | 61,503.55B | 3,950.76M |
Total equity | 25,643.14B | 1,647.22M |
Operating cash flow | 13,619.14B | 916.97M |
Currency in IDR | Currency in USD |
Historical Data
Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 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 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 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 | |
PER | 20.68 |
ROA | 1.38% |
ROE | 4.85% |
Operating margin | 12.55% |
Profit margin | 3.80% |
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
Shareholders
- 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:http://www.xlaxiata.co.id
- 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
Competitors
- PT Telkom Indonesia (Persero) Tbk Class B
- PT Sarana Menara Nusantara Tbk
Copyright © 2023 FactSet Research Systems Inc. All rights reserved.
Last Updated on 24 Mar, 2023Discover the all new Nikkei Asia app

- Take your reading anywhere with offline reading functions
- Never miss a story with breaking news alerts
- Customize your reading experience
Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.