July 31, 2018
Jakarta, July 31, 2018 – PT Medikaloka Hermina Tbk (“Hermina”, “the Company”) published its financial results for the first semester ended June 30, 2018 (1H18) with a net revenue of IDR 1.52 trillion, an increase of 18.2% compared to the revenue of IDR 1.28 trillion from the same period last year. The Company also reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) at IDR 314.7 billion, which represents a stable 20.8% EBITDA margin, and an increase of 17.7% compared to EBITDA of IDR 267.3 billion from the same period last year. The Company was able to deliver a resilient performance against a strong semester ended June 30, 2017, despite the fasting month that started 10 days earlier in 2018 and a longer Eid Holiday in the month of June. The fasting season in the month of Ramadhan has traditionally been a quiet time for hospital traffic.
Hermina has been an early adopter in serving the Universal Healthcare Coverage (JKN) patients. In the first semester of 2018, JKN contributed 67% of inpatient admission and 49% of outpatient visits. Despite the amount of business coming from JKN patients, the Company has been able to maintain a stable margin through economies of scale and continuous improvement in operating efficiencies. The cash flow from operations also remains positive and stable, signifying a discipline account receivable management.
As of June 30, 2018, Hermina operates about 3,200 beds with 62.2% bed occupancy rate. On the patient volume, Hermina recorded 143,500 inpatient admissions (31.7% increase yoy) and 2.6 million outpatient visits (24.4% increase yoy). Total inpatient days increased by 29.0% to 362,500 with an average length of stay (ALOS) of 2.5 days. The expansion plan is well on track with the opening of Hermina’s hospitals in Palembang (Jakabaring) and Padang in the next few months. Hermina is also actively evaluating acquisition opportunities. Out of 29 hospitals in the network, 7 hospitals were acquired while 22 hospitals were built through greenfield projects.
Out of the net proceeds of IDR 1.25 trillion raised during the Initial Public Offering (IPO), the Company has deployed about 77% of the net proceeds for the development of new hospitals (25%), purchases of medical equipment (2%), debt repayment (38%), and Company’s general operations (12%).
PT Medikaloka Hermina Tbk is one of the largest general hospital network in Indonesia with 33 years of experiences in providing professional and comprehensive healthcare services. In addition to its strong heritage in women and children care, Hermina has developed itself to become a provider of specialties across healthcare. As of April 30, 2018, the Company has 29 hospitals consisting of 6 type B hospitals and 23 type C hospitals with approximately 2,450 specialists across 18 cities in Indonesia. The Company went public at Indonesia Stock Exchange (IDX) on May 16, 2018 and is trading with the ticker symbol HEAL.