Indosat Ooredoo Hutchison AGM approves USD $135 million dividend

Indosat Ooredoo Hutchison recently held its Annual General Meeting of Shareholders (AGMS) in Jakarta, Indonesia, where most of the resolutions were approved. Among the key decisions was the approval of a cash dividend distribution amounting to USD $135 million, or USD $0.20 per share. This dividend represents around 48% of the company's net profit for the 2023 financial year.

The remainder of the net profit, which totals USD $146 million, will be retained as earnings. Shareholders can expect the dividend to be paid within 30 days following the official announcement of the meeting minutes. Vikram Sinha, President, Director, and Chief Executive Officer, highlighted the company's robust financial performance in 2023, crediting the efforts of employees, strategic partners, loyal customers, and shareholders.

In addition to the dividend, the AGMS covered several other significant matters. These included approving the annual report and ratifying the financial statements for the year ending 31 December 2023. Additionally, shareholders approved the allocation of net profits, determined the remuneration for the Board of Commissioners for 2024, appointed a public accountant for the financial year ending 31 December 2024, and agreed on changes to the composition of the Board of Directors and Board of Commissioners.

Indosat has exhibited a strong performance in 2024, continuing its transformation into an AI Native TechCo. The first quarter of the year saw the company report total revenue of IDR 13,835 billion, a Year-on-Year (YoY) increase of 15.8%. The company's EBITDA grew by 22.1% YoY, reaching IDR 6.509 billion, which further resulted in an EBITDA Margin of 47.0%. Profit attributable to the parent entity's owners amounted to IDR1.295 billion, reflecting a 39.4% increase compared to the previous year.

Efforts are ongoing to expand the 4G network and increase product distribution coverage, especially in rural and eastern Indonesia, through initiatives like Mini Gerai IM3 and 3Kiosk. As part of its strategic transformation, Indosat plans to invest heavily in technology-based human resource development, service quality improvements, and expanded connectivity. This transformation effort is underscored by partnerships with key players such as NVIDIA, establishing an AI Center of Excellence in Solo, and initiatives aimed at empowering women and MSMEs.

Sinha emphasised the broader impact of Indosat's growth and transformation initiatives: "This transformation is not just the company’s endeavour, but also a significant milestone in advancing the nation. We are committed to executing strategies effectively and directing innovation to support Indonesia's sustainable future."