Telkom's Net Profit Declines Despite Increased Revenue in 2022

PT Telekomunikasi Indonesia Tbk, also known as Telkom, reported a net profit attributable to the parent entity of Rp20.75 trillion in 2022. This figure represents a 16.2% decrease compared to the previous year's Rp24.76 trillion.

This also resulted in a decrease in earnings per share for the state-owned enterprise (BUMN) from Rp249.94 per share in 2021 to Rp209.49 per share in 2022.

As reported by *Katadata*, excluding the impact of Telkomsel's investment in PT GoTo Gojek Tokopedia Tbk (GOTO) and depreciation, Telkom's operating profit grew by 7.7% to Rp25.85 trillion from Rp24 trillion.

“Operating net income, excluding the GoTo factor and depreciation, grew by 7.7% year-on-year. The decrease in net income is due to unrealized losses from GoTo and depreciation, which, from an accounting perspective, is merely a recording and does not involve any actual cash outflow, as the investment in GoTo is held by a subsidiary, Telkomsel,” said Edwin Julianus Sebayang, Telkom's Corporate Secretary, to *Katadata* on Saturday (March 25, 2023).

The loss from the investment in GOTO is estimated to have reached Rp6.43 trillion at the end of 2022.

Nevertheless, Telkom's total revenue reached Rp147.3 trillion in 2022, an increase from the previous year's Rp143.21 trillion.

Telkom's total assets amounted to Rp275.19 trillion in 2022, a decrease from the previous year's Rp277.18 trillion.

In addition, its total liabilities reached Rp125.93 trillion, and its equity amounted to Rp149.26 trillion.

(See also: BRI Most Profitable: Net Profit of Indonesia's Four Largest Banks in 2022)