Photo: MNC Vision Networks
PT MNC Vision Networks Tbk. (IDX: IPTV) recorded a net income growth of 31% during the first half of 2021 from IDR125.8 billion to IDR164.3 billion. The net income margin also increased to 8%, compared to 7% during H1-2020. The Company's consolidated revenue reached IDR2.052 trillion, an 18% increased from IDR1.734 trillion in the same period last year.
Satellite services revenue, which consists of the Company’s two DTH units, MNC Vision (post-paid) and K-Vision (pre-paid), contributed IDR1.271 trillion, a 2% growth compared to IDR1.244 trillion during H1-2020. The growth in satellite services revenue is mainly attributable to continuous positive achievement in subscriber’s acquisition for K-Vision.
Meanwhile, the Company’s digital, IPTV, and broadband services revenue grew significantly from IDR430.2 billion to IDR706.5 billion in H1-2021, representing 64% yoy growth. During H1-2021, MNC Play (broadband and IPTV) continued to expand its subscriber base reaching moreover 301,000 subscribers maximizing leasing from third-party networks. Furthermore, Vision+ (OTT Video Service) continued to outperform its subscribers reaching over 2 million users and hitting 50.3 million Monthly Active Users (MAU).
"The Company continues to perform extraordinarily well taking advantage of the Covid-19 pandemic. We will continue to push the sales of DTH satellite TV as the demand still continues to remain strong in smaller cities which is reflected by the growth of K-Vision. Furthermore, the growth of Vision+ remains strongly supported by the continuous production of original production through Vision+. I believe that MVN is perfectly positioned to excel in the market as it continues to perform during this time," said Ade Tjendra, President Director of IPTV.
IPTV is being traded at a level of IDR246 per share as of today's session (12 August 2021). Since this year, IPTV's share price has decreased 19.61% YTD.
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