JAKARTA, Indonesia, July 29, 2022 /PRNewswire/ -- PT Dayamitra Telekomunikasi Tbk (IDX: MTEL) or Mitratel, recorded a revenue of IDR 3.72 trillion in H1 2022, increasing 15.5% compared to H1 2021. This also contributed to the company's net profit soaring 27.2% to IDR 892 billion.

"In H1 2022 post-IPO, we had solid fundamentals for sustainable growth driven by organic growth strategy, strong revenue from tower-related businesses, product innovations, and cost efficiency," said Mitratel President Director Theodorus Ardi Hartoko, better known as Teddy Hartoko.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit margins in H1 2022 increased to 77.5% and 23.9%, respectively, with the EBITDA margin of tower rental portfolios increasing to 85.2% as the main contributor. This was achieved by cost efficiency and selecting revenue from businesses with higher margins for higher profitability in the industry.

In H1 2022, most revenue contributions came from tower rental incomes, which grew 13.5% from IDR 2.93 trillion to IDR 3.33 trillion, as well as other tower-related businesses, which increased 35.4% to IDR 399 billion.

The number of towers owned by Mitratel in H1 2022 reached 28,787, with 5,555 additional towers or 23.9% growth from H1 2021. The number of tenants increased by 20.3%, from 36,507 tenants to 43,900 tenants.

The company's total asset was recorded at IDR 55.06 trillion, with equity of IDR 33.49 trillion. Total liabilities in H1 2022 decreased by 10.4% to IDR 21.56 trillion, in line with the payment of long-term loans worth IDR 5.1 trillion, including early payment of IDR 4.3 trillion long-term debts using excess cash from operating activities and refinance loans at lower interest rates.

Mitratel is a telecommunications tower company consisting of the largest tower and number of subscribers growth in 2017 to 2021. Mitratel's biggest anchor customer, Telkomsel, has the largest cellular operator and the best credit rating. This gives telecommunication operators and non-operator tenants a chance to expand their service coverage to include other supporting businesses. Furthermore, Mitratel has no risk to foreign currency fluctuations as all loans are in Indonesian Rupiah. The debt to equity and net debt to EBITDA ratios were maintained at 44.3% and -0.4x.

Going forward, Mitratel will continue with its strategic initiatives to maintain its position in the market, strengthen new business portfolios, accelerate inorganic growth targeting 6,000 towers this year, and increase profitability and cash flow through cost efficiency.

"We are targeting an EBITDA margin of more than 80% in this medium-term through a series of programs that facilitate telecommunication operators in Indonesia to expand the reach using the collocation of Mitratel towers. We have prepared well-rounded solutions with attractive a business scheme for all telecommunication operators namely by bundling solutions such as tower, connectivity, and power. The connectivity includes fiber access (dark fiber, capacity leased, and hybrid) and non-fiber access (satellite). With these innovative product solutions, Mitratel aims to provide convenience to all operators to develop telecommunication networks throughout Indonesia, especially outside Java," concluded Theodorus.