Menara Company From Djarum Group Owned By Hartono Brothers Conglomerate Earns Revenue Of IDR 8.64 Trillion And Profit Of IDR 2.84 Trillion In 2021

Illustration. (Photo: Pixabay)

JAKARTA - The telecommunication tower provider company belonging to the Hartono Brothers conglomerate, PT Sarana Menara Nusantara Tbk (TOWR) recorded a brilliant performance in 2021. The profit and income of the issuer from the Djarum Group was able to grow significantly last year.

In TOWR's financial report, quoted on Wednesday 20 April, the company posted an increase in net profit of 20.85 percent throughout 2021. As a result, TOWR's net profit increased from IDR 2.84 trillion in 2020 to IDR 3.43 trillion in 2021.

The increase in profit was in line with the positive performance of the income line. Throughout 2021, TOWR recorded an increase in revenue of 15.98 percent year on year (yoy) to IDR 8.64 trillion from the previous IDR 7.45 trillion.

The four big telecommunication operators in Indonesia, namely PT XL Axiata Tbk, PT Hutchison 3 Indonesia (H3I), PT Indosat Tbk, and PT Telekomunikasi Seluler (Telkomsel) are still loyal customers of TOWR. This can be seen from the tower rental value of the four companies which account for 84 percent of TOWR's revenue.

In detail, revenue from Indosat recorded the highest increase throughout 2021, namely 58.16 percent yoy to IDR 1.29 trillion. Followed by XL Axiata which rose 12.93 percent yoy to IDR 2.48 trillion and Telkomsel which grew 8.7 percent yoy to IDR 1.21 trillion. On the other hand, revenue from H3I decreased by 5.14 percent yoy to IDR 2.23 trillion.

Meanwhile, in percentage terms, XL Axiata's revenue contributed the largest portion throughout 2021, reaching 29 percent. Followed by H3I 26%, Indosat 15 percent, and Telkomsel 14 percent.

The total assets of TOWR throughout 2021 increased by 92.2 percent to IDR 65.83 trillion from the previous IDR 34.25 trillion. This was driven by an increase in fixed assets and goodwill.

TOWR's liabilities also jumped 123.42 percent yoy to IDR 53.77 trillion and its equity rose 18.44 percent yoy to IDR 12.06 trillion.