July 28, 2019
Jakarta, July 28, 2019 – PT Medikaloka Hermina Tbk (“Hermina”, “the Company”) announced its financial results for the period ended June 30, 2019 (1H19) with a net revenue of IDR 1.79 trillion, an increase of 18.0% compared to the same period last year. The Company also reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of IDR 429.2 billion, which represents a margin of 24.0%, and an increase of 36.4% compared to the EBITDA of first semester 2018 (1H18). The Company was able to maintain an improved margin due to continuous cost improvement initiatives.
On the net income basis, the Company delivered a PAT of IDR 162.6 billion, a 63.7% increase from the net income of 1H18. Meanwhile, the net income attributable to the owners of parent entity (PATMI) increased 78.0% y-o-y to reach IDR 124.6 billion. The result is showing an increasing portion of PATMI as a percentage of PAT. In the recent quarters, the PATMI has been representing around 75% of the net income.
In the first half of 2019, the Universal Healthcare Coverage (JKN) patients contributed 64% of inpatient admission and 53% of outpatient visits in the semester. The split of the Hermina’s business coming from private (non-JKN) and JKN patients has noticeably been stable in the last 12 months, while the volume of private patients has been growing. 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 has also been quite skilful in navigating the healthcare dynamic regulatory environment.
Hermina continued its steady organic growth by adding beds in existing hospitals to answer an increasing demand. The Company currently operates 3,821 beds across 32 hospitals in all major islands of Indonesia. The bed occupancy rate remains strong at 70.6%, even after Hermina added 443 beds at its existing hospitals since the start of the year. In 1H19, it served 181,950 inpatient admissions (26.7% increase y-o-y) and 2.95 million outpatient visits (15.3% increase y-o-y). The total inpatient days grew by 30.9% to 474,700, with an average length of stay (ALOS) of 2.6 days.
On the hospital addition front, Hermina is pleased to announce the acquisition of a hospital in Pekalongan, Central Java. With the acquisition, the hospital will be scaled up to become a type C hospital operating 50 beds. This development is in line with the plan of adding four new hospitals this year to meet the target of 40 hospitals by the end of 2020. The constructions of three hospitals are well underway with the openings that will occur later this 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 June 2019, the Company has 32 hospitals consisting of 8 type B hospitals and 24 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.