MTEL – 9M24 net profit was IDR1.53 tn, a 7.0% yoy growth

MTEL – 9M24 net profit was IDR1.53 tn, a 7.0% yoy growth In 9M24, Dayamitra Telekomunikasi (MTEL) recorded a net profit of IDR1.53 tn, representing a 6.99% increase compared to the same period last year at IDR1.43 tn. Consequently, basic earnings per share rose to IDR19 from IDR17 in the previous year. Revenue reached IDR6.81 tn, marking an 8.61% growth from the prior year's IDR6.27 tn. Depreciation expenses increased to IDR1.34 tn from IDR1.21 tn, while amortization expenses rose slightly to IDR1.26 tn from IDR1.18 tn. Construction and project management costs decreased to IDR357.22 bn from IDR362.06 bn. Costs related to the planning, operation, and maintenance of telecommunication towers declined to IDR343.76 bn from IDR385.94 bn. Cost of goods sold increased to IDR3.32 tn from IDR3.2 tn. Therefore, gross profit rose to IDR3.49 tn from IDR3.07 tn. Meanwhile, total operating expenses rose to IDR437.50 bn from IDR411.16 bn resulting in operating profit surged to IDR3.05 tn from IDR2.65 tn. Total finance costs decreased to IDR856.95 bn from IDR874.04 bn. (Source : Emiten News) Comment : MTEL posted a 9M24 EBITDA of IDR5.7 tn, which met 75.4% of ours and 75.0% of consensus expectations. Meanwhile, the bottom-line number reached IDR1.5 tn, slightly below ours’ (73.5%) and significantly below cons’ (71.4%). Missed net profit achievement was mainly due to larger-than-expected finance lease costs, which stood at IDR125.6 bn in 9M24. This figure was 7.2% higher than our expectation.We are awaiting management's remarks during the upcoming call.