As of 9M24, TLKM’s revenue grew by +0.9% YoY to IDR 112.2 T (9M23: IDR 111.2 T; QoQ growth: -2.5% QoQ, 2Q24: IDR 37.7 T & 3Q24: IDR 36.9 T). The increase in operating expenses (Opex) was quite high, as it increased +6.5% YoY to IDR 55.6 T in 9M24 (9M23: IDR 52.2 T). This was due to the increase in operational and maintenance (O&M) costs as well as the increase in personnel costs, one of which was triggered by the ERP (Early Retirement Program). This increase in opex also eroded TLKM’s Operating Profit Margin (OPM), as well ass the net profit which was recorded at IDR 17.7 T in 9M24, a decrease of – 9.4% YoY (9M23: IDR 19.5 T). However, by excluding several components such as GOTO investment losses and ERP, the net operating profit stood at IDR 18.6 T, with a decrease of –5.1% YoY (9M23: IDR 19.6T). Another thing to watch out for is the downward trend in ARPU from mobile operators in Indonesia that took place in 3Q24, be it from TLKM, ISAT, and EXCL.
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