April 28, 2019
Jakarta, April 28, 2019 – PT Medikaloka Hermina Tbk (“Hermina”, “the Company”) released its financial results for the period ended March 31, 2019 (1Q19) with a net revenue of IDR 901.5 billion, an increase of 20.8% compared to the same period last year. The Company also reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of IDR 220.7 billion which represents an improved margin of 24.5%, and an increase of 41.1% compared to the EBITDA from the same period in 2018. The Company was able to gradually deliver a margin expansion due to cost improvement initiatives that were initiated right after the Company completed its public listing. The net income in 1Q19 came at IDR 74.4 billion, a 46.7% increase from the net income of 1Q18.
The Universal Healthcare Coverage (JKN) patients contributed 64% of inpatient admission and 50% of outpatient visits in the quarter. The split of the Company’s business coming from private (non-JKN) and JKN patients has noticeably stabilized in the last few quarters, and the volume of private patients has been quite resilient. Despite almost half of the net revenue originating from JKN, the Company has been able to maintain its margin through economies of scale, improvement in operating efficiencies, and technology adoption.
Hermina continued its steady organic growth by adding beds in existing hospitals to meet increasing demand. By 1Q19, the Company operates 3,715 beds across 32 hospitals. The bed occupancy rate sits at a healthy 75.2%, even after Hermina added around 337 beds at its existing hospitals. In the first three months of the year, it served 94,390 inpatient admissions (31.9% increase yoy) and 1.58 million outpatient visits (18.4% increase yoy). The total inpatient days grew by 35.7% to 246,950 with an average length of stay (ALOS) of 2.6 days.
The Company also plans to add four new hospitals this year to meet the target of 40 hospitals by the end of 2020. The constructions for four hospitals are in progress with the openings that will occur in the second half of the year. The Company projected a total capital expenditure of approximately IDR 800 billion for its organic / inorganic expansion, maintenance, and other investments.
PT Medikaloka Hermina Tbk is one of the largest general hospital networks in Indonesia with 34 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 March 2019, the Company has 32 hospitals consisting of 7 type B hospitals and 25 type C hospitals with more than 3,200 doctors and specialists across 20 cities in Indonesia. The Company went public at Indonesia Stock Exchange (IDX) on May 16, 2018 and is trading with the ticker symbol HEAL.