Founded in 1995, MTEL is a subsidiary of PT Telkom Indonesia (TLKM) in the telecommunications infrastructure sector. In 2021, MTEL in 2023, MTEL shareholders consist of TLKM 71.85 percent, the public 15.44 percent, PT Maleo Investasi Indonesia (5.98 percent), and the Government of Singapore (5.65 percent).

From the results of the company rating which is valid from April 3, 2024 - April 1, 2024 and the MTN rating which is effective from April 3, 2024 - October 6, 2024; the company is known to be in a stable condition.

These two ratings are the result of a review by PT Pemeringkat Efek Indonesia (PEFINDO) which evaluated Mitratel throughout 2023, continuing in Q1 2024 and its future business prospects.

“The ratings reflect Mitratel's superior market position, revenue visibility and strong financial profile. "The rating is constrained by a relatively low tenancy ratio," PEFINDO said in a report published on April 30, 2024.

Hendra Purnama, Investment Director of Mitratel expressed his appreciation to PEFINDO for reaffirming Mitratel's rating to idAAA.

It is known that during the first three months of 2024, Mitratel earned revenue of Rp2.2 trillion, growing 7.3 percent YoY (Year-on-Year). Meanwhile, the revenue profile was still supported by the tower rental business of Rp1.83 trillion, an increase of 5.4 percent YoY.

This year Mitratel's fiber business shows high growth and becomes a new growth engine for the company. In this business, it managed to record revenue of Rp85 billion, and grew 148.8 percent YoY.

This growth was balanced with more efficient cost management, resulting in recording a net profit of Rp521 billion, growing 4 percent from the same period last year of Rp501 billion.

Meanwhile, Mitratel's performance throughout 2023 posted double-digit growth in revenue and net profit in Q1 2024.

On the other hand, in tower ownership, MTEL managed to control 38,135 towers by the end of March 2024, this action increased by 0.3 percent from the position at the end of December 2023. As many as 41 percent of the towers were spread across Java, while the remaining 59 percent were spread outside Java.

The company's fiber optic length reaches 36,257 km. If calculated from the end of December 2023 or year-to-date (Ytd), Mitratel succeeded in increasing the length of fiber optics to 3,736 km, growing 11.5 percent.

Meanwhile, along with the growth of tower and fiber optic assets, MTEL recorded an increase in the number of tenants from 57,409 at the end of December 2023 to 57,808 at the end of March 2024, or an increase of 399 tenants in one quarter.