May 26, 2020
Jakarta, May 26, 2020 – PT Medikaloka Hermina Tbk (“Hermina”, “the Company”) announced its financial results for the period ended March 31, 2020 (1Q20) with a net revenue of IDR 983.9 billion, a 9.1% increase compared to the same period last year. The Company also reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of IDR 246.0 billion with an increased margin of 25.0%. The net income came at IDR 99.3 billion while the Profit After Tax and Minority Interests (PATMI) came at IDR 71.8 billion, an increase of 27.3% compared to the PATMI of the same period last year.
In 1Q20, the Company started experiencing the adverse impact of Covid-19 pandemic on the business. Despite the challenging situation, the Company was able to deliver a resilient growth in both private and JKN patients, particularly in terms of total inpatient days. Hermina served 103,406 inpatient admissions (9.6% increase y-o-y) with an average length of stay (ALOS) of 2.7 days. The bed occupancy rate (BOR) remained high at 68.3%. Due to the non-urgent nature of outpatient visits, the segment naturally got impacted by the pandemic more than the inpatient segment. Nevertheless, the total number of outpatients remained stable compared to the same period last year.
The Company expects the challenging time to continue throughout the second quarter of this year (2Q20). Some of the slow down on the elective procedures is offset by the inflow of inpatients needing Covid-19 treatment. All of the hospitals within Hermina network accept and treat Covid-19 patients. While the Company is not giving out guidance for 2Q20, it expects the full year growth to remain positive in respect to revenue, EBITDA, and net income.
The liquidity position of the Company is as strong as ever with a total cash of IDR 745.8 billion, an increase from IDR 593.3 billion in cash as of December 2019. The balance sheet remains healthy with a Net Debt / EBITDA ratio of 0.5x. All of our loan facilities remain in good standing. Furthermore, our working capital loans have recently been renewed as well. This is the testimony of how our lenders perceive the resiliency of our business.
Hermina has opened its 37th hospital in the city of Karawang, which is designated as one of the key referral hospitals for Covid-19 cases. The expansion plan remains primarily unchanged with three new hospitals currently in development, including the ones in Manado dan Kutabumi. Hermina Manado hospital is scheduled to open in the next few months. This expansion is in line with the Company’s plan to own and operate 40 hospitals by the end of 2020. In terms of the total number of operational beds, the Company has surpassed the target of 4,000 beds that was set during the Initial Public Offering. It is estimated that Hermina will operate 4,600 beds by the end of 2020.
PT Medikaloka Hermina Tbk is the largest general hospital network in Indonesia with 35 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 31, 2020, the Company has 37 hospitals consisting of 8 type B hospitals and 29 type C hospitals with more than 3,800 doctors and specialists across 24 cities in Indonesia. The Company went public at Indonesia Stock Exchange (IDX) on May 16, 2018 and is trading with the ticker symbol HEAL.