XL Axiata released its annual financial report on Monday (February 21st). The telecommunications company recorded revenue of Rp26.8 trillion with a net profit of Rp1.29 trillion throughout 2021.
XL's 2021 revenue increased by 2.8% from Rp26.01 trillion in 2020. Although the revenue increase was not significant, its net profit rose drastically by 246.5% from Rp372 billion in 2020.
In the last five years, XL Axiata only recorded a net loss once, in 2018, amounting to Rp3.3 trillion.
XL Axiata also consistently recorded annual revenue increases, rising from Rp22.9 trillion in 2017 to Rp26.8 trillion in 2021.
Despite recording strong financial performance, XL Axiata's share price has declined over the past five days. The share price fell by 4.35% to Rp2,860 per share at the close of session 1 on Tuesday (February 22nd).
(See also: 10 Largest Telecommunication Companies by Market Capitalization)