Jakarta, March 27, 2017 – PT Mitra Keluarga Karyasehat Tbk. (“Mitra Keluarga” or the “Company”) released the Company’s audited financial report for the year ended December 31, 2016. Mitra Keluarga posted revenues of Rp2,435.5 billion or an increase of 13.8% from Rp2,140.7 billion in 2015. The growth was driven largely by patient volume increase. Inpatient days FY16 grew at 15.8% from 366,586 days in 2015 to 424,680 days in 2016. The bed occupancy ratio stood at 64.1% with a total operating bed capacity of 1,810 beds compared to that of last year at 58.2% bed occupancy ratio with a total operating bed capacity of 1,725 beds. The outpatient visits growth stood at 7.7% from 1,611,600 in 2015 to 1,734,997 visits by 2016. The inpatient days and outpatient visits at the 10 matured hospitals have been growing by around 13.3% and 5.8%, respectively, whilst the two ramping-up hospitals, namely Mitra Keluarga Kenjeran and Mitra Keluarga Kalideres have been positively contributing to the overall inpatient days and outpatient visits growth.
The revenue per inpatient days in 2016 was Rp3.734 million slightly declined from Rp3.771 million in 2015 due to the lower intensity case mix. Meanwhile, revenue per outpatient visits still grew by 4.1%, from Rp470,000 to Rp490,000.
Mitra Keluarga continued to enjoy strong EBITDA growth of 19.7% from Rp743.6 billion in 2015 to Rp890.8 in 2016 whilst the EBITDA margin expanded by around 1.9% from 34.7% to 36.6%. Operating profit grew by 23.3% over the same period from Rp604.9 billion to Rp745.7 billion. The operating profit margin expanded by around 2.3% from 28.3% in 2015 to 30.6% in 2016. The operating profit margin expansion was contributed by 2.6% margin expansion at the gross profit level, from 45.4% in 2015 to 48.0% in 2016, which was then diluted by higher operating expenses growth. The Company’s total salary and depreciation expenses as of December 2016 grew at 18.6% and 10.5% respectively. The increase is contributed by the new hospital opening, Mitra Keluarga Kalideres, in late July 2015. The net profit grew by 22.5% from Rp588.4 billion to Rp720.7 billion over the same period, reflecting a net profit margin expansion of 2.1% from 27.5% to 29.6%. Part of the growth was contributed by the effective tax saving of around Rp16.7 billion from the Company’s participation in Asset Revaluation in 2015. If to exclude the tax saving, the net profit will grow at 19.6%.
Mitra Keluarga has booked higher interest income on the back of higher cash balance at the end of December 2016. The net financial income for 2016 was Rp162.7 billion which represents approximately 6.7% of the Company’s net revenue, increased from Rp145.3 billion in 2015. The Company has no bank loans or any other debt instruments, and with a net cash position amounting to Rp2,557.6 billion as of December 31, 2016
Mitra Keluarga President Director, Ir. Rustiyan Oen, MBA, reiterated the Company intention to open another six hospitals by 2020 in Greater Jakarta and Surabaya. “Following our 13th hospital construction in October 2016, we held the ground breaking ceremony for our 14th hospital construction in January 2017. We target to open the hospital by early 2018. In addition, we are expediting to secure more land bank this year for new hospitals expansion beyond 2020,” confirmed Rustiyan.
He also mentioned that the Company has added more beds in the existing hospitals. A total of 85 beds has been added across 12 existing hospitals in 2016. 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 financed 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).