News · 27 March 2023

PRESS RELEASE: TOWR releases FY 2022 results

Jakarta, March 27, 2023


PT Sarana Menara Nusantara Tbk (TOWR or SMN) today releases its FY2022 audited consolidated financial and management operational results.

Consolidated revenue in 2022 was recorded at Rp 11,035.7 billion, higher by 27.8%, EBITDA at Rp 9,516.6 billion, higher by 28.0%, and net profit at Rp3,442 billion, higher by 0.4% compared to 2021.

Calculated EBITDA and net profit margins were 86.2% and 31.1% for 2022 and 86.1% and 39.7% for 2021.

Expenses below the EBITDA line that grew significantly included Net interest expenses, foreign exchange charges and the amortisation of deferred charges related to refinancing activities that the Company undertook in 2022.

Total towers and tenancies at Year End 2022 were 29,794 towers and 53,967 tenants. With the number of towers growing by 1,096 and tenancies flat, the tenancy ratios fell to 1.81 from 1.88x last year. The flat number of tenancies reflects in part IOH’s network rationalization following the merger of Indosat and H3I.

The number of revenue generating kilometres in our Fiber-to-the tower (FTTT) segment grew by a healthy 112% in 2022 to reach 149,811 km of revenue generating tower-fiber with utilisation rate at 169%, up from 70,465 kms and 155% utilisation rate in 2021. The surge in domestic data traffic has led to operators moving quickly to increase backhaul capacity using fiber optics.

The Connectivity segment which includes our wireless/wireline and VSAT corporate businesses recorded 10,560 activations in 2022, an increase of 13.7% from 9,283 activations in 2021.

Total contracted revenues at year end 2022 stands at Rp 68.6 trillion, an increase from Rp 63.2 trillion in 2021.

Aming Santoso, President and CEO of SMN Group, stated: “The excellent operational results of the Company reflect the success of our diversification efforts into connectivity and FTTT. We are now looking at FTTH infrastructure as another potential growth driver and expect significant expansion in 2023.”

The higher inflation and interest rates require us to be creative and to consider alternative sources of. For instance, we have capitalized on our continued strong credit ratings and recently issued Rupiah bonds of Rp 2.9 trillion whose cost was nearly 1% lower than our bank debt. Our leverage as measured by net debt to annualized EBITDA stood at 4.2x in 2022, a marked decline from 4.4x in 2021 post STP acquisition.”

On the ESG front, TOWR has recently received an ESG rating upgrade from MSCI ESG agency to BBB from its first-time rating of BB.

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