Given the critical role the telecom sector played in allowing life to continue under Covid restrictions and the sustained investments by the operators as a result, our business continued at a high level in 2021.
Thank you for your support throughout the years. While all of us continued to deal with the impact of Covid-19, your Board did not hesitate to take significant decisions to strengthen the Company’s position in the telecom infrastructure sector. The most consequential decision was the acquisition of PT Solusi Tunas Pratama, Tbk (“STP”). The process was extremely competitive and we encountered several new players who had been attracted to the sector after the passing of the Omnibus Law and were looking at STP as the platform for their investments. Nonetheless, PT Profesional Telekomunikasi Indonesia (“Protelindo”) succeeded in winning, in part because only Protelindo could effectively utilize and value all aspects of the STP business.
Similar to SMN’s strategy, STP’s strategy has long been to provide infrastructure to operators and firms through its tower, tower fiberization and connectivity businesses. We have now operationally combined these three businesses and are already seeing benefits greater than we had anticipated. One of the earliest savings has been in STP’s financing costs which have been slashed 50% as its debt refinancing benefited from Protelindo’s investment grade rating. We expect further improvements this year on both the cost side and the revenue side especially as we leverage the complementarity between the fiberization and connectivity businesses. With the acquisition of STP, our tower count and tenancies in 2021 increased 34% and 38%, respectively, to nearly 28,700 towers and nearly 54,000 tenants.
We believe our wider footprint and bigger scale make us a more important and effective partner to our customers. We now own 25% of all towers in the country and believe these towers are critical to the infrastructure that provides 95% of internet access nationwide. The importance of towers and fiber optic own by the Company reflected in the ratio tenancy tower and utilization ratio for fiberization, which has reached the highest level up to this point. Tenancy ratio of towers increase from 1,83x in 2020 to 1,88x in 2021 and utilization ratio for fiberization increase from 125% in 2020 to 145% in 2021.
Our 2021 results include one quarter consolidation of STP’s results. Consolidated revenues grew by 16.0%, EBITDA by 16.1% and net profit by 20.8% compared to previous year. The substantial increase in net profit is due to our ability both to source cost-effective debt capital and to begin capturing synergies with STP. Even without the inclusion of STP, organic growth was very strong with revenue up 9.0%, EBITDA up 9.1% and net profit up 8.3% compared to year 2020.
Our CSR efforts have traditionally focused in four areas— education, nature conservation, health, and responses to natural disasters. However, in response to the effects of the Covid-19 pandemic, we have also provided food aid to communities and health equipment to hospitals and clinics throughout Indonesia. We have also focused on empowering SMEs and through iForte have initiated iFortepreneur 4.0, a Business Plan Competition program for the SMEs in Indonesia. This initiative has generated a lot of excitement among young Indonesian entrepreneurs. There were 330+ proposals submitted, coming from 120 cities across Indonesia; and from those proposals, we selected 12 finalists with the most potential business concept. The finalists were given coaching and mentoring to strengthen their potential businesses through digital transformation and then 3 winners were selected and awarded with financial support. We are planning to run this competition every year.
We look forward to 2022 with excitement and confidence.
On behalf of the Board of Director of PT Sarana Menara Nusantara Tbk
Ferdinandus Aming Santoso