Mitra Keluarga Reports 16.2% Profit After Tax Growth in the First Half of 2015

Jakarta, July 31, 2015 – PT Mitra Keluarga Karyasehat Tbk. (“Mitra Keluarga” or the “Company”) today announces the Company’s financial performance for the period ended June 30, 2015. Mitra Keluarga posted revenues of Rp1.10 trillion or an increase of 10.2% over the same period in 2014. The growth was driven by an increase largely in price, as well as an intensification of more complex services in the eleven hospitals currently operated by the Company as reflected in the increase of revenue per in patient days of 11.4% and in the increase of revenue per outpatient visit of 16.8%.  Total patient volume for the first six months of 2015 (887,710 patients) remains relatively flat compared to that of last year (881,891 patients) and bed occupancy ratio at the end of June 2015 was at 65.1% as the Company increased its operating bed capacity to 1,681 beds by June 30, 2015, adding around 100 beds during the last one year.

 

Mitra Keluargas new hospital, Mitra Keluarga  Kenjeran, which has been in operation since June 2014, continues to enjoy an increase in patient volume; growing approximately 13.0% in the second quarter of 2015 compared to the first quarter of 2015. “We are optimistic that Mitra Keluargas patient volume will continue its growth in 2015, supported by the opening of our new hospital, Mitra Keluarga Kalideres, which commenced operations on July 27, 2015 “, said Ir. Rustiyan Oen, MBA, President Director of the Company. Mitra Keluarga Kalideres is the Company’s twelfth hospital with capacity of around 85 beds in the earlier phase. Furthermore, the Company is expected to increase its bed capacity in line with the anticipated growth in patient volume.

 

The Company also recorded a gross profit of Rp505.7 billion for the period growing 13.0%, while the Company’s gross profit margin rose to 45.9% compared to 44.8% for the same period in 2014. The implementation of the standardization of drugs procurement continues to have a positive impact on the Company’s gross profit margin. The Company booked an operating profit of Rp343.1 billion for first half of 2015, which increased by 7.3%. Additionally, when you exclude the 2014 gain on sale of marketable securities, which was a non-recurring transaction, amounting to Rp26.7 billion, the operating profit grew by 17.1% while operating profit margin reached 31.1%. “The disciplined management  of our operational costs  has resulted in positive growth in operating profit in the first six months of 2015”, explained Rustiyan.

 

The Company’s profit after tax grew by 16.2% which resulted in a profit after tax margin of 29.2%, increased by 5.5% compared to the same period last year of 27.7%. In addition, the Company was able to maintain its working capital turnover at 8 days and generated cash flow from operating activities amounting to Rp357.7 billion. As per June 30, 2015, the Company recorded Rp118.2 billion of capital expenditure, mainly used for the Companys expansion plans. Furthermore, the Company has no bank loans or any other debt instruments, and with the addition from the proceeds of the Initial Public Offering on March 24, 2015, a net cash position amounting to Rp2.4 trillion was recorded as of June 30, 2015.

 

Rustiyan explained that the Companys intent to open another six hospitals through 2019 in Greater Jakarta and Surabaya will be carried out according   to initial plans. Furthermore, it is expected that by the end of 2019, the Company will operate 18 hospitals with a total capacity of 3,400 beds.  This expansion will be financed from the proceeds raised by the Company during its Initial Public Offering at the end of March 2015. At that time it had successfully offered 261.913.000 shares or 18% of the 1,455,073,600 issued shares and the subsequent listing of the Company on the Indonesian Stock Exchange took place on March 24, 2015. Rustiyan also asserted, “Although in general Indonesia is still facing a scarcity of doctors and medical personnel, with Mitra Keluargas high reputation of providing healthcare services for more than 25 years we are confident of our ability to recruit qualified doctors and medical personnel to support Mitra Keluargas long term development plans in the next 5 years. The trust enjoyed by doctors and other medical personnel as well as the patients is strong evidence of Mitra Keluargas experience in providing affordable quality healthcare services for more than 25 years.”

 

Mitra Keluarga at a Glance

Mitra Keluarga built its first hospital back in 1989 and currently owns and operates 11 hospitals, of which seven are located in Greater Jakarta, three in Surabaya in East Java, and one in Tegal in Central Java. Typically, the hospitals are equipped with an emergency rooms, outpatient clinics, inpatient wards, operating rooms, intensive care units and a pharmacies, and provide laboratory and radiology services. The hospitals also offer specialized services such as obstetrics, pediatrics, internal medicine, angioplasty, orthopedics surgery and neurosurgery, amongst others. All the Companys hospitals are accredited by Indonesian Commission on Accreditation of Hospital (KARS).

From its humble origins, Mitra Keluarga has transformed into one of Indonesias biggest private hospital operators by treating 1,73 million patients in 2014. It is the second largest in terms of bed capacity with 1,953 beds as of 31 December 2014.

Mitra Keluarga employs more than 4,900 medical professionals including doctors, laboratory staff, nurses and therapists and more than 830 specialists practising in our 11 hospitals at the end of 2014.

PT Mitra Keluarga Karyasehat Tbk successfully listed its shares on the Indonesia Stock Exchange on 24 March 2015 (IDX: MIKA).

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For further information:

Joyce V Handajani, Corporate Secretary, PT Mitra Keluarga Karyasehat Tbk

Tel: 62-21 45852700 | email: corporate.secretary@mitrakeluarga.com

Janet Kurniawan, Investor Relations, PT Mitra Keluarga Karyasehat Tbk

Tel: 62-21 45852700 | email: investor.relations@mitrakeluarga.com

Website: www.mitrakeluarga.com