Sinergi Inti Andalan Prima Tbk (INET) – Q3 2025 Performance and Capital‑raising Outlook
On 28 November 2025, PT Sinergi Inti Andalan Prima Tbk (INET) disclosed its third‑quarter results, revealing a dramatic acceleration in both revenue and profitability that will likely reinforce investor confidence as the company pursues an aggressive growth strategy.
Q3 2025 Financial Highlights
| Metric | 2025‑Q3 | 2024‑Q3 | YoY % | Comment |
|---|---|---|---|---|
| Revenue | Rp 68.60 bn | Rp 23.28 bn | +195 % | A surge driven by higher internet‑service volumes, reflecting stronger demand for data plans amid continued digital transformation in Indonesia. |
| Gross Profit | Rp 32.42 bn | – | +>300 % | The gross‑profit jump mirrors the revenue lift; gross margin expansion indicates efficient cost management and pricing power. |
| Net Income | – | – | – | Detailed figures for net income were not disclosed, but the revenue and gross‑profit trajectory suggests a positive impact on the bottom line. |
The earnings announcement comes after a week of robust market activity. The Indonesia Stock Exchange’s benchmark index, IHSG, recorded an all‑time high of 8 602,13 on 26 November, before retreating slightly to 8 554,31 on 28 November. Despite the modest dip, the overall market environment remains bullish, and INET’s performance stands out as a positive driver.
Capital‑raising Initiative
In addition to the impressive operating results, INET confirmed a rights‑issue plan for up to Rp 3,200 bn, positioned as a “jumbo” offering. The proceeds are earmarked for financing expansion projects, likely including network infrastructure upgrades and market penetration initiatives. The rights issue follows a broader trend of Indonesian issuers capitalising on easing monetary policy and favourable investor sentiment.
The announcement aligns with the company’s recent IPO in July 2023, underscoring a disciplined growth trajectory. By securing substantial capital, INET intends to sustain momentum in a highly competitive internet‑service sector and to maintain a solid financial base for future M&A or strategic partnerships.
Forward‑looking Perspective
- Revenue Sustainability – The 195 % revenue jump indicates a strong shift in customer mix and pricing, but the company must sustain this growth trajectory amid rising competition from larger incumbents and new entrants. Monitoring churn rates and average revenue per user (ARPU) will be crucial.
- Profitability Levers – Gross‑profit growth suggests that operating leverage is improving. Continued investment in network efficiencies and cost control will be pivotal to translate higher revenues into solid net margins.
- Capital Deployment – The upcoming rights issue presents an opportunity to accelerate network capacity and expand into underserved regions. Timely deployment of the capital will be essential to maximise the return on equity and avoid dilution effects.
- Market Dynamics – With the IHSG holding a bullish stance, investor appetite for growth plays will remain high, yet vigilance is required should policy tightening or macro‑economic headwinds surface.
Overall, INET’s Q3 performance and capital‑raising plan position the company favorably to capture emerging opportunities in Indonesia’s digital economy. Continued execution on growth and efficiency fronts, coupled with prudent capital deployment, will likely sustain its upward trajectory in the coming quarters.
