JAKARTA - PT Sarana Menara Nusantara Tbk (TOWR) maintains projected revenue growth of 4-6% in 2024. In 2023, its revenue increased 6.38% year-on-year (yoy) to IDR 11.74 trillion from IDR 11.03 trillion in 2022.

Aming Santoso, President Director of TOWR, mentioned that the projection of revenue growth has yet to include the result from the acquisition of PT Inti Bangun Sejahtera Tbk (IBST), the final number of which is currently under auditing process,” he said during the Public Expose Live 2024 of TOWR today (28/8).

According to Santoso, IBST’s revenue, post-acquisition, will be consolidated into Financial Statement of TOWR at the beginning of Q3 2024, following the acquisition of majority shares of IBST on July 1, 2024.

It is mentioned that the organic growth of TOWR is projected to be supported by non-tower segment, particularly its fibre-to-the-home (FTTH) segment, which could reach an accumulated 1.6-1.8 million home passes at the end of this year. FTTH business is deemed essential as it will promote fixed mobile convergence initiatives that are widely implemented by telecommunication operators.

“It gives us a chance to extend Iforte’s fibre optic network. In addition, we notice a great synergy of assets and operation between FTTH, fibre-to-the-tower (FTTT), and connectivity. Even this synergy is further promoted by tower segment,” Santoso explained.

On the same occasion, Adam Gifari, Vice President Director of TOWR, said that the projection of EBITDA growth will remain stable at 4%, similar to last year, aligning with the contribution of revenue from non-tower segment.

The projected EBITDA growth also has yet to include the calculation post-IBST acquisition in July 2024. However, said target will be revisited once the company considers bottom-line growth, capital expenditure (capex), and capex optimalisation.

In Q1 2024, this Indeks52 constituent reported EBITDA growth of 4.4% yoy to IDR 2.54 trillion from IDR 2.43 trillion in Q1 2023. Revenue also shifted 6.3% yoy from IDR 2.86 trillion to IDR 3.04 trillion. (LK/ZH)