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Mitratel revenue rises 11%, profit jumps 129% in 2021
PT Dayamitra Telekomunikasi (Mitratel) achieved double-digit revenue growth last year while its profit more than doubled.
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A tower owned by PT Dayamitra Telekomunikasi (Mitratel) is pictured in an undated photograph in Langsa, Aceh. (Mitratel/-)
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T Dayamitra Telekomunikasi (Mitratel), a tower operator subsidiary of publicly listed PT Telkom Indonesia, achieved double-digit revenue growth last year while its profit more than doubled.
The tower operator announced in a press release on Thursday that its revenue had risen by 11 percent in 2021 to Rp 6.87 trillion (US$480.92 million), while net profit had soared by 129.4 percent to Rp 1.38 trillion.
Meanwhile, Mitratel’s earnings before interest, tax, depreciation and amortization (EBITDA) rose by 23.9 percent to Rp 5.18 trillion in 2021. The telecom company, which is listed on the Indonesia Stock Exchange (IDX) under the ticker symbol MTEL, said its net profit margin at 20.1 percent in 2021 beat the 9.7 percent seen in 2020.
The earnings report is the first major gauge of the company’s financial performance since its initial public offering (IPO) in November of last year.
Mitratel raised $1.3 billion in what was one of the biggest-ever IPOs conducted on the IDX. The company said at the time that the corporate action was aimed at attracting the attention of regional and international investors. State-controlled Telkom still holds more than 71 percent of Mitratel.
Read also: Mitratel raises $1.3 billion through IDX debut
In the press release, Mitratel corporate secretary Hendra Purnama hailed the full-year financial performance as “an indication that Mitratel has a high profitability and is capable of returning the shareholders' value and investment."
