Jakarta. Telecommunications tower operator Dayamitra Telekomunikasi (Mitratel) reported a net profit of Rp 520.99 billion ($32 million) in the first quarter of 2024, marking a 4 percent increase compared to the same period in 2022, which stood at Rp 501.03 billion. 

"Revenue in the first quarter of 2024 reached Rp 2.20 trillion, up by 7.3 percent from the same period in 2022, which was Rp 2.05 trillion," said Mitratel's President Director, Theodorus Ardi Hartoko, as quoted by Investor Daily on Monday.

The tower leasing business contributed Rp 1.83 trillion, marking a 5.4 percent increase, while revenue from the fiber business reached Rp 85.22 billion, a significant increase of 148.8 percent.

Meanwhile, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) reached Rp 1.84 trillion, up by 9.9 percent from the same period in 2022, with an EBITDA margin increasing by 2.3 percent to 83.5 percent.

Mitratel, a subsidiary of state-owned Telkom Indonesia, is confident that the optical fiber business will become a new growth engine in the future, especially for the development of fiber to the tower (FTTT) for mobile operators.

As of March 2024, Mitratel's optical fiber length reached 36,257 kilometers, growing by 3,736 kilometers or 11.5 percent from the end of December 2023.

The company had 38,135 towers as of March 2024, with 41.5 percent located in Java and the rest spread across other regions. The number of tenants and colocations also increased, with the tenancy ratio rising to 1.52x.