Another year has passed and we are excited by our achievements in 2019. It has been a great year for us, in which we have continued to succeed through both organic and in-organic growth. Our revenue growth reached double digits at 10.0%, while our EBITDA grew by 9.2% and net income by 6.5%.
In line with our Build, Buy and Return strategy, we built a net of 882 towers this year and successfully closed the acquisition of 1,000 towers from PT Indosat Ooredoo, boosting our total towers to 19,319 at the end of the year. Our tenancies increased by 5,027 to reach a total of 33,346 tenants at the end of the year. We have also succesfully renewed more than 7,300 tenancies for another 10 year period. All of these factors contributed to raising our tenancy ratio to 1.73x from 1.62x in 2018.
Aside from towers, we have also seen a growing revenue contribution from our non-tower business, in particular fiber. In line with the increasing data demand and operators’ focus to improve network quality, our fiber optic network expanded significantly this year. As of the end of 2019, we own and operate 27,527kms revenue generating fiber accross Java, Sumatra and Bali. This will continue to grow in the future and we target to close 2020 with more than 40,000kms despite the impact of the Covid-19 virus. Similar to our tower business model, our fiber model for tower fiberization has long term contracts, from 10 to 14 years, and the likelihood of colocation, making it another source for relatively secure and predictable revenue for the Company.
As of end of 2019, both our tower and our non-tower business have provided future actual contracted revenue of Rp 51 trillion through 2032 with an average remaining contract period of 8.2 years. This amount excludes any potential value of future contract renewals. We believe that with our management expertise and experience as well as our discipline in investing, our revenue and returns will continue to grow in the future.
We are pleased to continue to show our commitment to implement the Return leg of our strategy by distributing an interim dividend in December 2019 of Rp 301 billion, while a final dividend will be determined at 2019 AGM. Aside from dividends, we have also conducted a share buy back program, spending Rp 514 billion to acquire a total of ~809 million shares from the market. We will continue to implement this program in the future based on the market situation and our financial condition. It has been our target for TOWR shares to be included in IDX LQ45, an index of the most liquid shares on the IDX, and we have achieved this goal in January 2020 by becoming one of three new members.
Despite strong business growth that requires the spending of capex, dividend distributions and share buybacks, we have been able to maintain a solid investment grade balance sheet. In July 2019, we received a rating upgrade from S&P to BBB from BBB-. We also gained a positive outlook from Fitch (BBB-) and maintained a Baa3 rating from Moody’s. Our financial strength as reflected by low net debt to EBITDA ratios and low cost of funds is one of our competitive advantages in the industry.
Finally, we would like to thank all stakeholders, the Board of Commissioners, the Audit Committee, the management team and the employees of the Company and its subsidiaries for all their support to make 2019 a successful year. We believe that with our solid effort and the continuous support of our shareholders, management, and employees, we will be able to continue our strategy of: “Build, Buy, Return”.
Ferdinandus Aming Santoso
CEO – SMN Group