JAKARTA – Publicly listed PT Dayamitra Telekomunikasi Tbk or Mitratel on Friday, May 31st, 2024 held an Annual General Shareholders’ Meeting for 2023. At the meeting, shareholders approved the company’s 2023 Financial Report and its plan on net profit usage.
In 2023, Mitratel booked Rp2.01 trillion in net profit, an increase of 12.6% compared to the same period a year prior. The growth in net profit was mainly contributed by revenue increase of 11.2% to Rp8.6 trillion. The company booked Rp6.9 trillion in earnings before interest, taxes, depreciation and amortization (EBITDA), increasing 12.7% from a year before. Therefore, the company’s EBITDA margin reached 80.5%.
In the past one year, Mitratel carried out business expansion, resulting in a positive bottom line. The company saw a 7.3% increase in the number of telecommunication towers to 38,014 units last year, cementing its position as the owner of the most towers in Southeast Asia. Meanwhile, the company’s fiber optic assets expanded 95.4% to 32,521 kilometers, with the number of tenants increasing 10.4% to 57,409.
Based on the achievements, along with challenges and opportunities Mitratel will face in the future, the company’s shareholders approved cash dividend payment of 70% of its net profit, with 5% special dividends. The total payout equals to Rp1.5 trillion or Rp18.2 per share. “Meanwhile, 23% of the company’s net profit will be allocated as general reserve. We will continue our expansion to achieve sustainable business growth,” says CEO of Mitratel Theodorus Ardi Hartoko.
The management says that shareholders who are listed as of June 12th, 2024 are the ones eligible to receive the cash and special dividend payments. “Cash and special dividends will be paid in one lump sum to eligible shareholders on July 3rd, 2024 at the latest,” the management says.
Regarding the 75% dividend payout ratio, Teddy says that the management will continue to be active in looking for opportunities, including selective investment in order to widen business scale. The company seeks out these opportunities as it spearheads the government’s efforts in equalizing access to communications across Indonesia.
“We are not only maintaining a sustainable business growth and increasing profitability, but we are also contributing to the efforts of equalizing access to telecommunications. Therefore, we should prepare enough capital expenditure to support the big agenda,” Teddy says.
Mitratel has set three major agenda throughout 2024. First, the company aims to book revenue growth above industry with “high single digit growth”, supported by an increase in the number of 4K tenants. Second, the company aims to business in the tower ecosystem by building 10K-kilometer optical fiber network and accelerating new portfolios, such as power to the tower. Third, the company aims to capture asset consolidation opportunity in the tower ecosystem coming from asset divestment trend by the MNO.
“We will continue to focus in maintaining market leadership in Indonesia and Southeast Asia through organic and inorganic expansion. We believe the tower industry still has a huge space for growth, in line with the current consolidation among telecommunication operators. We believe that after the consolidation phase, they will continue expanding especially to new economic growth regions where access to communication is still not equally distributed. Mitratel aims to be a preferred partner for MNO in accelerating their expansion in business and network coverage,” Teddy says.
