Jakarta, August 31, 2017 – PT Mitra Keluarga Karyasehat Tbk. (Mitra Keluarga or the “Company”) announced the Company’s financial performance for the period ended June 30, 2017. Mitra Keluarga posted revenues of Rp1,236.9 billion or a decrease of -1.9% from Rp1,261.4 billion over the same period in 2016. The decrease was driven by higher base from dengue fever outbreak which lasted until April 2016 and the seasonal effect from Eid Mubarak festive holidays which have occurred in the first half of 2017. The inpatient admissions have been decreasing by -12.6% from 64,567 in the first half 2016 to 56,428 admissions for the first half 2017. The bed occupancy ratio stood at 57.7% with a total operating bed capacity of 1,810 beds compared to that of last year at 71.0% bed occupancy ratio with a total operating bed capacity of 1,800 beds. The outpatient visits have been decreasing at -1.8% from 882,931 in first half 2016 to 866,801 visits for the first half 2017.
The revenue per inpatient days in first half 2017 was Rp4.151 million growing significantly from Rp3.565 million in first half 2016 due to the higher intensity case mix. The revenue per outpatient visits continue to grow by 6.8%, from Rp489,000 to Rp522,000.
EBITDA decreased by -3.0% from Rp475.6 billion in first half 2016 to Rp461.5 in first half 2017 whilst the EBITDA margin slightly decreased by around -0.4% from 37.7% to 37.3%. The decline was accounted to gross profit margin decline of 0.2% from 48.6% in the first half of 2016 to 48.4% for the same period of 2017 and higher increase of operating expenses mainly salary expenses. The Company’s total salary expenses as of June 2017 grew by 9.7%. Operating profit decreased by -2.9% over the same period from Rp403.6 billion to Rp391.9 billion. The net profit decrease by -5.5% from Rp386.3 billion to Rp364.9 billion over the same period.
Mitra Keluarga has booked lower interest income due to lower interest rate compare to last year in the same period. The net financial income for first half 2017 was Rp75.9 billion which represents approximately 6.1% of the Company’s net revenue, decreased from Rp83.5 billion in first half 2016. The Company has no bank loans or any other debt instruments, and with a net cash position amounting to Rp2,446.4 billion as of June 30, 2016
Mitra Keluarga President Director, Ir. Rustiyan Oen, MBA, reiterated the Company intention to expand further by opening another six hospitals by 2020 in the Greater Jakarta and Surabaya. We are currently constructing two new hospitals which shall be opened in early and late 2018 . In addition, we are expediting to secure more land banks this year for new hospitals expansion beyond 2020,” confirmed Rustiyan.
He also explained that Mitra Keluarga will still focus its hospital network expansion in the Greater Jakarta and Surabaya area for the next five years. This expansion plan will be funded from the proceeds raised by the Company during its Initial Public Offering at the end of March 2015.
Mitra Keluarga at a Glance
Mitra Keluarga built its first hospital back in 1989 and currently owns and operates twelve hospitals, of which eight are located in Greater Jakarta, three in Surabaya, East Java, and one in Tegal, Central Java. Typically, the hospitals are equipped with emergency rooms, outpatient clinics, inpatient wards, operating rooms, intensive care units and a pharmacy, as well as laboratory and radiology facilities. The hospitals also offer specialized services such as obstetrics, pediatrics, internal medicine, angioplasty, orthopedics surgery and neurosurgery, amongst others. All Mitra Keluarga hospitals are accredited by Indonesian Commission on Accreditation of Hospital (KARS).
From its humble beginnings, Mitra Keluarga has transformed into one of Indonesia’s biggest private hospital operators by an intake of 1.86 million patients in 2016. It is the second largest private hospital in terms of hospital bed capacity with 1,810 operational beds as of 31 December 2016.
Mitra Keluarga employed more than 5,100 medical professionals including doctors, laboratory staff, nurses and therapists with more than 900 specialists practicing in all of its hospitals by 2016.
The company successfully listed its shares in the Indonesia Stock Exchange on March 24, 2015. With 18.0% free-float, Mitra Keluarga has a market capitalization of Rp34.92 trillion as of December 31, 2015. (IDX:MIKA).