JAKARTA. PT Solusi Sinergi Digital Tbk (WIFI), a digital company debuted in Indonesia Stock Exchange (IDX) in 2020, announced net profit of IDR 152.07 billion recorded within the first nine months (9M) of 2024.

The profit increased 3.4 times higher compared to the net profit seen in the same period last year, in which WIFI booked net profit of IDR 34.6 billion.

WIFI’s net profit growth in 9M is in line with net operating revenue that reached IDR 504.95 billion as of September 2024, increasing 46% year-on-year (yoy) from the same period last year.

In addition, WIFI also implemented efficiency on its cost of revenue, cutting 4.8% yoy to IDR 197.36 billion in 9M 2024. In the same period last year, cost of revenue reached IDR 207.4 billion.

Telecommunication business became the primary contributor of WIFI’s revenue in 9M 2024, generating IDR 254.02 billion. Then, business segment brought in IDR 243.5 billion, followed by portal web and platform business of IDR 8.85 billion.

Until September 30, 2024, WIFI’s total assets were recorded at IDR 2.77 trillion, with cash and cash equivalent of IDR 21.59 billion. Meanwhile, its total equity clocked up to IDR 889.95 billion. (KR/ZH)