XLSMART Telecom Sejahtera (EXCL) Q2 2024 earnings summary

Executive summary

• Revenue increased 8% year-over-year in 1H 2024, driven by robust Data and Digital Revenue growth and managed IT services.

• EBITDA grew 17% year-over-year and PAT/net income surged 57-58% year-over-year, reflecting strong profitability focus.

• Mobile subscribers rose to 58.5 million, with stable ARPU and significant growth in own-app users.

• The interim consolidated financial statements received an unqualified opinion from the independent auditor.

• The Board of Directors confirmed responsibility for the accuracy and completeness of the financial statements.

Financial highlights

• Revenue reached IDR 17,056 billion (Rp 17,051,597 million) in 1H 2024, up 8-8.2% year-over-year.

• EBITDA was IDR 8,958 billion (Rp 7,512,230 million), up 17% year-over-year.

• PAT/net income increased to IDR 1,364 billion (Rp 1,024,923-1,037,165 million), up 57-58% year-over-year.

• Free cash flow improved 7% year-over-year to IDR 4,813 billion.

• Cash and cash equivalents increased to Rp 1,395,559 million from Rp 966,027 million at year-end 2023.

Outlook and guidance

• FY 2024 revenue growth expected in high single digits.

• EBITDA margin projected around 50%.

• CAPEX guidance set at approximately IDR 8 trillion.

• Focus on expanding data, digital, managed IT services, and network infrastructure.

• No impairment identified for goodwill or intangible assets as of 30 June 2024.