Indonesia-based Dayamitra Telekomunikasi (Mitratel) expressed confidence it would maintain double-digit revenue growth this year and set plans to keep capex at an elevated level to cover ongoing network expansion in rural areas.

In an earnings release, Mitratel predicted revenue will grow 10 per cent despite higher outlay as it constructs towers in rural areas. It earmarked IDR9.9 trillion ($692 million) in capex, up slightly from 2021.

Net profit in 2021 grew 129.4 per cent year-on-year to IDR1.4 trillion and revenue 11 per cent to IDR6.9 trillion.

Tower leasing revenue grew 26.6 per cent to 5.4 trillion, accounting for 79 per cent of total revenue compared with 69.3 per cent in 2020.

It added 9,700 towers for a total of 28,200 sites under management, with tenants up 39.3 per cent to 42,594.

Colocation sites increased 18.9 per cent to 14,388.

Reseller business revenue decreased 28.9 per cent to IDR653 billion as the acquisition of nearly 3,000 towers from Telkomsel in 2020 and 2021 shifted a significant portion of sales to its tower leasing unit.

Tower-related revenue fell 19.5 per cent to IDR791 billion as it steps up efforts to focus on small cell and fibre initiatives.

Mitratel raised around IDR18.8 trillion in an IPO in November 2021.