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XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

Erlina Fury Santika 04/04/2024 13:05 WIB

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The Indonesian Ministry of Communication and Informatics (Kominfo) has approved the merger of XL Axiata and Smartfren. What is the latest financial condition of both companies? Here's their net profit

XL Axiata and Smartfren Revenue and Net Profit (2023/Q4 2023)

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XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

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XL Axiata and Smartfren Revenue and Net Profit (2023/Q4 2023)

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Budi Arie Setiadi, Minister of Communication and Informatics, stated that his office has approved the merger between XL Axiata and Smartfren. The reason is to create a healthier telecommunications industry.

“Yes, healthier and more efficient. Three is enough,” said Minister of Communication and Informatics Budi Arie Setiadi in BSD, Tangerang Regency, on Tuesday (26/3/2023), as quoted by *Katadata*.

PT Smartfren Telecom Tbk (FREN) welcomed positively the step taken by the Ministry of Communication and Informatics (Kominfo) to approve the merger of cellular operator PT XL Axiata Tbk (EXCL) with Smartfren. Smartfren Telecom President Director Merza Fachys also hoped for clarity on this long-standing issue.

"I am still waiting and hoping for good news," he told Katadata.co.id, Wednesday (27/3).

However, Merza was reluctant to reveal how far the discussions regarding the merger plan have progressed. "I don't know either," he said.

(Read *Katadata*: Kominfo Approves XL-Smartfren Merger, Smartfren Boss Responds)

Based on XL Axiata's latest financial report, the company's net profit reached Rp1.27 trillion throughout 2023. This profit increased by 14.57% year-on-year (yoy) from Rp1.10 trillion in 2022.

The increased profit is in line with the 10.91% increase in XL Axiata's revenue, which reached Rp32.32 trillion in 2023. Previously, XL's revenue was Rp29.14 trillion in the first half of 2022.

XL Axiata's depreciation expense was recorded at Rp11.34 trillion in 2023. In addition, infrastructure expenses amounted to Rp8.99 trillion; interconnection and other direct expenses Rp3.17 trillion; sales and marketing expenses Rp2.45 trillion.

Salaries and employee expenses amounted to Rp1.4 trillion; general and administrative expenses Rp413 billion, amortization expenses Rp157.21 trillion.

XL Axiata's recorded assets reached Rp87.68 trillion in 2023. This is down from Rp87.27 trillion in 2022.

Meanwhile, XL's long-term liabilities were recorded at Rp41.04 trillion and its equity at Rp26.50 trillion in 2023.

Meanwhile, Smartfren incurred a loss of Rp108.92 billion in 2023. Smartfren had recorded a net profit of Rp1.06 trillion in the same period the previous year.

Smartfren's revenue amounted to Rp11.65 trillion throughout last year. This figure increased by 4.04% (yoy) from Rp11.20 trillion previously.

Smartfren's operating expenses were recorded at Rp11.11 trillion. The details are: depreciation and amortization expenses Rp4.60 trillion; operations, maintenance, and telecommunication services Rp3.92 trillion; sales and marketing Rp1.48 trillion; employees Rp881.21 billion; general and administration up to Rp222.87 billion.

Smartfren's assets were recorded at Rp45.04 trillion in 2023. This is down 3.11% (yoy) from Rp46.49 trillion.

These assets consist of liabilities of Rp29.37 trillion and equity of Rp15.67 trillion in 2023.

(Also read: PT Pupuk Indonesia's Profit Reaches Rp6.25 Trillion in 2023)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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20 May 2026

Name	Value	%
Economic growth	5,11%	+0.08
Gini rasio (Sem2)	0,38	0.00
PDB ADHK (Q1)	3.447,70	-0.77
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Impor (Mar)	19,21	-8.08
Kunjungan Wisman (Feb)	1,16	-2.42
Inflasi yoy (Apr)	2,42%	-1.06
Inflasi mom (Apr)	0,13%	-0.28
Persentase kemiskinan (Des)	7,50%	-0.75
NTP (Apr)	112,29	+0.43

XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

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XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

XL and Smartfren's Latest 2023 Financials Following Kominfo's Merger Directive

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