Indonesian broadband internet provider Link Net (First Media) has published its financial results for the year ended 31 December 2021, with revenues up 10.4% to IDR4.465 trillion (USD310.4 million) compared to IDR4.048 trillion in FY20, as EBITDA improved 8.5% year-on-year to IDR2.500 trillion. The company also reported net profit of IDR885 billion in FY21, compared to IDR941 billion the previous year, and noted that its EBITDA and net profit margins were 56.0% and 19.8% respectively. The results, it claimed, had been supported by a ‘market leading’ monthly ARPU of IDR348,000 in FY21.
In a press release the ISP noted: ‘Link Net continues to be successful in the migration project. Once this project is completed, the Company will receive a significant increase in cash flow. Shareholders can look forward to the completion of the Link Net migration project and the cash flow from the annual mast rental expense can be diverted for productive investment needs including network growth and subscriber expansion.’ Indeed, in FY21 Link Net added a further 190,000 homes passed to its network, lifting the total to 2.87 million with coverage in 23 cities in Java, Medan, Batam and Bali. However, Link Net reported that gross subscription additions decreased in 2021 ‘due to the continued impact of COVID-19’. It added just 16,000 net new subscriptions in the twelve-month period, bringing its total subscriptions to 855,000. ‘In the first few months of the pandemic, we added the highest number of customers on record. However, after approximately two years of the pandemic, we have seen a decline in the purchasing power of customers and the public,’ said Marlo Budiman, President Director and CEO of Link Net. As economic conditions improve in 2022, Link Net expects the customer growth rate to increase.