Moncer! Laba Mitra Telekomunikasi Soared 18.1% in Q3 2022

Telecommunications tower issuer, PT Dayamitra Telekomunikasi Tbk (MTEL) or Mitratel, recorded a net profit of Rp1.22 trillion in the third quarter of 2022. This profit soared 18.1% from the same period the previous year.

Until September 2022, this subsidiary of the Telkom Group recorded a 11.5% year-on-year increase in revenue to Rp5.6 trillion, compared to Rp5.02 trillion in the same period of the previous year.

Specifically, the revenue of this subsidiary of PT Telkom Indonesia Tbk. came from tower rentals from three telecommunications operators. First, PT Telekomunikasi Seluler (Telkomsel) contributed Rp3.07 trillion, up from Rp2.64 trillion the previous year.

Next, PT Indosat Tbk contributed Rp1.09 trillion, up from Rp546.28 billion in September 2021. Meanwhile, tower rental revenue from PT XL Axiata Tbk. increased to Rp585.22 billion from Rp509.61 billion. In line with the increase in revenue, Mitratel's EBITDA also increased by 15.7% to Rp4.4 trillion.

Total company assets also increased by 37% to Rp54.9 trillion, and equity increased by 124% to Rp33.2 trillion. MTEL's liabilities in September 2022 decreased by 14.1% to Rp21.7 trillion.

Along with the increase in revenue, Mitratel's cost of goods sold also rose from Rp2.58 trillion to Rp3 trillion. Therefore, the company recorded a gross profit of Rp2.60 trillion, up from Rp2.44 trillion in the same period last year.

Mitratel's President Director, Theodorus Ardi Hartoko, stated that the company's business growth in the period from the first to the third quarter of 2022 continued to grow larger than industry growth, recording an average revenue over 5 years or a Compound Annual Growth Rate 2017-2021 (CAGR) of 14%.

“This is what makes Mitratel's profitability increase more significantly than last year. Going forward, we believe EBITDA will continue to increase due to the significant opportunities for colocation growth in Mitratel's towers, especially outside Java,” Theodorus said in a press release on Monday (31/10) as reported by *Katadata.co.id*.

Teddy explained that the EBITDA margin and net profit margin in the company's third quarter this year increased to 78.5% and 21.9%, respectively. The main contributor to this profit increase was the EBITDA margin from the tower rental portfolio, which increased by 85.1%, and its net profit margin increased by 23.4%. Meanwhile, revenue from tower rentals in the January-September 2022 period soared 12.9% to Rp5.07 trillion.

“Mitratel ensures that the company's tower rental business performance is competitive compared to the industry. In addition, Mitratel continues to improve profitability in other businesses,” continued Teddy.