Tower Company From Djarum Group Owned By Conglomerate Hartono Brothers Earns Revenue Of IDR 6.07 Trillion In Third Quarter 2021

JAKARTA - The tower company belonging to the Djarum Group PT Sarana Menara Nusantara Tbk (TOWR) posted a brilliant performance in the first nine months of this year. TOWR's revenue and profit soared in the third quarter of 2021.

In TOWR's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Friday, November 26, the company owned by the Hartono Brothers conglomerate posted revenue of IDR 6.07 trillion. The number rose 9.22 percent compared to the same period last year.

This revenue was supported by the tower rental segment of IDR 4.93 trillion. The other service segment contributed IDR 1.14 trillion in revenue.

Amid the increase in revenue, TOWR recorded a 4.82 percent decrease in depreciation and amortization to IDR 1.3 trillion. Meanwhile, the cost of revenue still recorded an increase of 10.14 percent to IDR 334.6 billion, thus, TOWR's gross profit increased by 14.06 percent.

TOWR also recorded a decrease in several expense items. Selling and marketing expenses fell 17.06 percent to IDR 97.89 billion while other operating expenses were cut by 94.86 percent to IDR 12.18 billion.

However, general and administrative expenses recorded an increase of 18.88 percent to IDR 426.13 billion. Even so, TOWR's operating profit managed to increase by 23.13 percent to IDR 3.91 trillion.

Sarana Menara Nusantara has also succeeded in reducing the financial burden. As of September 2021, TOWR's financial burden fell 10.22 percent to IDR 794.17 billion.

As a result, TOWR was able to print a net profit of IDR 2.58 trillion in the third quarter of 2021. This number increased by 29.93 percent compared to last September's profit of IDR 1.99 trillion.

Thus, TOWR's net income per share per September rose to IDR 52 per share or IDR 69.33 if annualized.