The Tower Company Of The Hartono Brothers' Djarum Group Owned Revenues Of Nearly Rp4 Trillion In The First Semester Of 2021

Illustration. (Photo: Unsplash)

JAKARTA - Telecommunication tower provider PT Sarana Menara Nusantara Tbk posted performance growth in the first six months of this year. The revenue and profit of this TOWR stock coded company was able to increase significantly in the first semester of 2021.

In TOWR's financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX), quoted Thursday, August 26, this company from the Djarum Group owned by the Hartono Brothers conglomerate experienced a 7.8 percent annual increase in revenue in the first half of 2021. As a result, TOWR's revenue increased from the first semester of 2020 which was valued at Rp. 3.69 trillion to Rp. 3.97 trillion as of June 30, 2021.

Rental income, which contributed 93 percent to TOWR's total revenue, grew 7.1 percent year on year (yoy) to Rp3.7 trillion. Meanwhile, services and others that only contributed 7 percent to TOWR's total revenue increased 17.5 percent yoy to Rp276.05 billion.

In terms of customers whose revenue value exceeds 5 percent of consolidated revenues, three companies showed an increase, while one company actually decreased. The highest revenue increase came from PT Indosat Tbk, which amounted to 53.6 percent yoy to Rp549.61 billion.

This was followed by revenues from PT Telekomunikasi Seluler (Telkomsel) which grew 7.4 percent yoy to Rp. Meanwhile, revenue from PT Hutchison 3 Indonesia actually fell 10.1 percent yoy to Rp 1.07 trillion.

Thus, TOWR posted a significant increase in net profit. TOWR's net profit increased 29.9 percent yoy from IDR 1.3 trillion in the first semester of 2020 to IDR 1.69 trillion in the first six months of 2021.

This is due to a number of TOWR loads that have been successfully suppressed. For example, TOWR's depreciation and amortization was 2.5 percent lower yoy to IDR 860.24 billion.

Then, finance costs decreased 10.1 percent yoy to Rp522.08 billion, selling and marketing expenses decreased 26.4 percent yoy to Rp58.22 billion, and other operating expenses decreased 94.9 percent yoy to Rp8.63 billion.

TOWR's total assets grew 1.2 percent to Rp34.65 trillion from the previous Rp34.25 trillion at the end of December 2020. This is in line with liabilities which decreased 0.1 percent year to date (ytd) to Rp24.05 trillion and equity rose 4.1 percent ytd to Rp10.6 trillion.