Jakarta, October 31, 2017 – PT Mitra Keluarga Karyasehat Tbk. (Mitra Keluarga or the “Company”) announced the Company’s financial performance for the period ended September 30, 2017. Mitra Keluarga posted revenues of Rp1,847.0 billion or growth of 1.0% year on year. The increase driven by the higher revenue in Q3 2017 Rp 610,0 billion or an increase 7.7% compare to that of Q3 2016.
The inpatient admissions have been decreased by -10.3% from 92,172 for the nine months of 2016 to 84,693 admissions for the nine months of 2017 driven by higher base in 2016 due to dengue fever outbreak which lasted until April 2016. The y-o-y decreasing in the inpatient admission has been reduced compare with the first half performance due to higher performance in Q3 2017 increased by 2.4% compare to Q3 2016. The bed occupancy ratio stood at 57.0% with a total operating bed capacity of 1,810 beds compared to that of last year at 66.1% bed occupancy ratio with a total operating bed capacity of 1,810 beds. The outpatient visits have been increased by at 0.3% from 1,294,572 for nine months of 2016 to 1,298,467 visits for the nine months of 2017 due to higher visit in oupatient clinics especially for the new hospital (Kalideres, Tegal and Kenjeran).
The revenue per inpatient days in nine months of 2017 was Rp4.150 million growing significantly from Rp3.637 million for nine months of 2016 due to the higher intensity case mix. The revenue per outpatient visits continue to grow by 6.7%, from Rp490,000 to Rp523,000.
EBITDA increased by 2.4% from Rp677.2 billion in nine months of 2016 to Rp693.5 in nine months of 2017 whilst the EBITDA margin slightly increased by around 0.5% from 37.0% to 37.5. The Company’s total salary expenses as of September 2017 grew by 8.3%. Operating profit increased by 2.6% over the same period from Rp570.0 billion to Rp584.8 billion. The net profit decreased by -1.2% from Rp549.5 billion to Rp542.7 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 nine months of 2017 was Rp107.8 billion which represents approximately 5.8% of the Company’s net revenue, decreased from Rp124.5 billion in nine months of 2016. The Company has no bank loans or any other debt instruments, and with a net cash position amounting to Rp2,075.3 billion as of September 30, 2016.
In early October 2017, Mitra Keluarga has also finalized the acquisition progress of PT Rumah Kasih Indonesia (Kasih Group). Mitra Keluarga will be the majority shareholder of Kasih Group with 70% ownership. The transaction value was around Rp. 342 billion and paid through our internal cashflow. Kasih Group comprises of 7 hospitals with total for over more than 500+ hospital beds. Revenue in Kasih Group for 2017P estimated around Rp.195 – 205 billion with EBITDA margin in the range of 14% – 15% and continue to increase gradually. Through Kasih Group Mitra Keluarga will have more advantage to expand into BPJS market and different geographical focus with this model.
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 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.
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 Rp37.39 trillion as of December 31, 2016. (IDX:MIKA).