TOWR recorded a net profit of Rp 2.48 trillion in 9M24
News · Thursday, 31 October 2024 08:30
Jakarta, 31 October 2024
Today, Sarana Menara Nusantara Tbk reported the Company's achievements for the 9 months ending 30 September 2024.
|
(in Rp billion, unless stated otherwise) |
9M2023 |
9M2024 |
yoy |
|
Revenue |
8,719 |
9,449 |
8.4% |
|
EBITDA |
7,417 |
7,946 |
7.1% |
|
EBITDA Margin |
85.1% |
84.1% |
|
|
Net Income |
2,474 |
2,478 |
0.0% |
|
net income margin |
28.4% |
26.2% |
|
|
|
|
|
|
|
Total tower |
29,915 |
35,371 |
18.2% |
|
Total tenant |
54,249 |
58,165 |
7.2% |
|
Tenancy ratio (x) |
1.81 |
1.64 |
|
|
|
|
|
|
|
Total Fiber (km) (including FTTT, FTTH, backbone, subsea) |
¬120,000 |
¬160,000 |
33.3% |
|
|
|
|
|
|
FTTT physical fiber (km) (part of Total Fiber) (a) |
96,780 |
118,378 |
22.3% |
|
FTTT revenue generating km (b) |
178,329 |
215,671 |
20.9% |
|
FTTT utilisation ratio (b divided by a) |
184.3% |
182.2% |
|
|
|
|
|
|
|
FTTH homes passed |
559,836 |
1,499,343 |
167.8% |
|
FTTH home connect |
77,682 |
155,958 |
100.7% |
|
Connectivity Activations |
12,510 |
15,761 |
26.0% |
|
|
|
|
|
|
Leverage: Net Debt to LQA* EBITDA (x) |
4.39 x |
4.35 x |
* LQA = Last Quarter Annualised
TOWR's 3Q24 Performance Review
3Q24 marks the first quarter where TOWR has consolidated its financial results with IBST. The total number of consolidated towers reached 35,371, an increase of 18.2% year-on-year. The tenancy ratio reached 1.64x due to the consolidation of towers from IBST and the impact of relocations from IOH tower lease contract points to new locations.
The contribution of revenue from the tower segment to the consolidated revenue is recorded as stable at around 67%, slightly increasing from the previous quarter at 66% due to the inclusion of results from IBST.
On the other hand, business growth from the non-tower segment continues to show impressive growth. The contribution to consolidated revenue from this segment in 3Q24 reached 33%, slightly down from 34% in 2Q24 due to the impact of IBST consolidation. The growth of revenue in this segment is quite good, seen from FTTT, Connectivity, and FTTH, which grew by 18.2%, 13%, and 369.4% year-on-year, respectively.
The largest contributor to the non-tower segment is fiber leasing, with total assets growing 33% year-on-year to around 160,000 km. FTTT fiber utilization without IBST remains stable at 190%, and this does not include the reporting of fiber utilization caused by synergies between fiber businesses within the SMN Group. Overall FTTT fiber utilization, including the impact of IBST consolidation, is 182%, with IBST having a utilization ratio of around 132%.
TOWR's consolidated revenue, EBITDA, and net profit for 9M24 grew by 8.4%, 7.1%, and 0.1% year-on-year, respectively.
Mr. Aming Santoso, President Director and CEO of SMN, said, 'In the third quarter of 2024 (3Q24), SMN recorded its first consolidated results from IBST, which we acquired on July 1, 2024. We are pleased to report that the acquisition of IBST has contributed a net profit of Rp 41 billion to TOWR over the past 3 months. We are optimistic that operational synergies will continue to improve, so that IBST's net profit contribution can increase.
On October 25, 2024, we also received approval from SMN shareholders at the Extraordinary General Meeting of Shareholders for the Company to conduct a rights issue of up to 5 billion new shares with a value of up to Rp 4.5 trillion with the purpose of using the funds to repay the Company's loans and for possible working capital needs.
Strategically, this fund will provide the Company with new capacity to continue organic or inorganic expansion, and help maintain the Company's investment grade of BBB from Fitch Ratings and BBB- from Standard & Poor's.”
Contact: adam.gifari@protelindo.net (Advisor - Group Investor Relations)