JAKARTA. PT Sinergi Inti Andalan Prima Tbk (INET) recorded net profit of IDR 875.6 million throughout 2023, down 56.9% year-on-year (yoy) from IDR 1.37 billion.

Contrastingly, at the top line, INETs net revenue actually grew 44.8% yoy in 2023 to IDR 28.89 billion. In the previous year, its net income was stuck at IDR 19.95 billion.

However, INET’s cost of revenue also swelled 43% yoy to IDR 20.62 billion in 2023. Furthermore, general and administrative expenses were seen increasing 88% yoy to IDR 131.3 million.

According to IDNFinancials data, INET is a telecommunication service company with market capitalisation of IDR 397.5 billion. It was listed on Indonesia Stock Exchange (IDX) on July 25, 2023, after conducting IPO of IDR 151.5 billion.

As of now, 80% of INET is under the control of PT Abadi Kreasi Unggul Nusantara. Approximately 13.36% of the shares belong to public investors, while another 6.64% are owned by PT Semesta Daya Makmur. (KR/ZH)