October 31, 2018
Jakarta, October 31, 2018 – PT Medikaloka Hermina Tbk (“Hermina”, “the Company”) released its financial results for the nine months ended September 30, 2018 (9M18) with a net revenue of IDR 2.29 trillion, an increase of 16.5% compared to the revenue of IDR 1.96 trillion from the same period last year. The Company also reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) at IDR 474.4 billion, which represents a stable EBITDA margin of 20.7%. The net income came at IDR 162.0 billion, compared to the net income of IDR 147.7 billion from the same period last year.
In 9M18, Universal Healthcare Coverage (JKN) patients contributed 67% of inpatient admission and 48% of outpatient visits. Despite roughly half of the net revenue originating from JKN, the Company has been able to maintain a stable margin through economies of scale and constant improvement in operating efficiencies. Hermina continues to be adapt in setting up its strategy to navigate the challenges posed by JKN program.
By September 30, 2018, Hermina operates close to 3,300 beds with a bed occupancy rate of 64.0%. It served 223,500 inpatient admissions (28.6% increase yoy) and 3.9 million outpatient visits (19.7% increase yoy). Total inpatient days grew by 25.9% to 561,200 with an average length of stay (ALOS) of 2.5 days.
The expansion is as planned with the recent addition of Hermina OPI Jakabaring (Palembang) in the month of August, in addition to Hermina Samarinda that has been opened earlier this year. In the fourth quarter of 2018, a new hospital in Padang will be opened, in addition to a managed hospital in Jayapura that has been opened few weeks ago. The hospital in Jayapura was set up through the collaboration with a local Papua organization and will be managed by Hermina.
In regards to the proceed of the Initial Public Offering (IPO), the Company has deployed about 82.8% of the net proceeds of IDR 1.25 trillion for the development of new hospitals (25%), purchases of medical equipment (7.8%), debt repayment (38%), and Company’s general operations (12%). In 9M18, Hermina has deployed a total of IDR 599.6 billion for capital expenditure, which includes adding more than 400 operational beds in existing hospitals.
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 September 2018, the Company has 30 hospitals consisting of 6 type B hospitals and 24 type C hospitals with approximately 2,500 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.