Jakarta, CNBC Indonesia – PT XL Axiata Tbk (EXCEL) has received a letter of resignation from the Company’s Director Budi Pramantika on Monday (6/3/2023). This resignation is in the midst of a decline in XL Axiata’s performance in 2022.
“The company will submit an application for approval for the resignation at the nearest General Meeting of Shareholders of the Company,” said Corporate Secretary XL Axiata Ranty Astari Rachman, quoted from the Disclosure of the Indonesia Stock Exchange (IDX) on Tuesday, (7/3/2023).
For information, XL Axiata Tbk (EXCL) experienced a decline in performance in 2022. The company’s profit attributable to owners of the EXCL parent entity decreased 13.8% from IDR 1.2 trillion at the end of December 2021 to IDR 1.1 trillion in December 2022.
EXCL carried out a rights issue in mid-January 2023 by issuing new shares of IDR 2.4 billion or 18.31% equivalent at a price of IDR 2,080 per share. With funds that will be achieved by EXCL of IDR 4.99 trillion.
However, EXCL’s share price is still experiencing a correction. In the past month, EXCL’s share price has fallen by around 6.70%.
When viewed from a revenue perspective for the past 5 years, the current year’s net profit from EXCL fluctuated. Unfortunately, in the 2022 period, its performance must decline compared to the 2021 period.
In EXCL’s financial statements as of December 31 2022, profit attributable to owners of the parent entity decreased by 13.8% from the December 2021 period of IDR 1.2 trillion to IDR 1.1 trillion in December 2022.
Even though it increased, the increase in revenue was also accompanied by an increase in EXCL expenses from December 2021 to December 2022. Where there was an increase in depreciation expense from IDR 9.9 trillion to IDR 10.5 trillion.
In addition, a number of expenses also increased, starting from interconnection expenses and other direct expenses, selling and marketing expenses, salaries and employee welfare expenses, as well as general and administrative expenses.
An amortization expense that previously did not exist becomes available. There are also exchange rate losses and other costs. These expenses made the total cost of expenses increase from IDR 22.7 trillion to IDR 25.1 trillion.
The increase also occurred in financial costs from IDR 2.37 trillion to IDR 2.77 trillion. However, the income tax expense actually decreased from IDR 419 billion to IDR 231 billion.
(Mentari Puspadini/ayh)
