Indonesia-headquartered Dayamitra Telekomunikasi (Mitratel) forecast growth above the industry average in 2023, after registering double-digit rises in net profit and revenue in 2022 aided by tower acquisitions.

In its earnings release, president director Theodorus Ardi Hartokos said Mitratel has room to expand due to a decreasing debt-to-equity ratio.

“We believe the company’s performance in 2023 will continue to grow with a focus on asset monetisation and cost efficiency.”

Mitratel predicts double-digit revenue growth compared with a 4 per cent rise for the broader industry.

Net profit in 2022 grew 29.3 per cent year-on-year to IDR1.8 trillion ($118.1 million) and revenue 12.5 per cent to IDR7.7 trillion, driven by 17.4 per cent growth in its tower leasing business to IDR6.34 trillion.

Mitratel added 7,212 new towers, 6,000 from Telkomsel and 9,412 tenants in 2022.

Hartoko noted because all its loans are denominated in rupiah, the company doesn’t have forex fluctuation risk exposure.

Debt fell to IDR15.3 trillion from IDR18.1 trillion in 2021.