Jakarta, October 28, 2016 PT Mitra Keluarga Karyasehat Tbk. (Mitra Keluarga or the “Company”) announced the Company’s financial performance for the period ended September 30, 2016. Mitra Keluarga posted revenues of Rp1,827.9 billion or an increase of 14.1% from Rp1,602.0 billion over the same period in 2015. The growth was driven largely by patient volume increase. Inpatient days continued to grow at 18.0% from 277,930 days for the nine months of 2015 to 328,050 days for the same period in 2016. The bed occupancy ratio stood at 66.1% with a total operating bed capacity of 1,810 beds compared to that of last year at 59.0% bed occupancy ratio with a total operating bed capacity of 1,725 beds. The outpatient visits have been growing at 6.8% from 1,212,100 in September 2015 to 1,294,572 visits by September 2016. The inpatient days and outpatient visits at the 10 matured hospitals have been growing by around 15.1% and 4.8%, 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 for the nine month of 2016 was Rp3.64 million relatively flat compared to Rp3.66 in 2015 due to the low intensity case mix. Revenue per outpatient visits has been growing over the same period by 1.5%, from Rp483,000 to Rp490,000.
Mitra Keluarga continued to enjoy strong EBITDA growth of 20.4% from Rp562.6 billion in September 2015 to Rp677.2 in September 2016 whilst the EBITDA margin expanded by 1.9% from 35.1% to 37.0%. Operating profit grew by 19.3% over the same period from Rp477.7 billion to Rp570.0 billion. The operating profit margin expanded by around 1.4% from 29.8% in September 2015 to 31.2% in September 2016. The operating profit margin expansion was contributed by 2.6% margin expansion at the gross profit level, from 45.5% in September 2015 to 48.1% in September 2016, which was then diluted by higher operating expenses growth. The Company’s total salary and depreciation expenses as of September 2016 have been growing at 17.7% and 14.2% respectively. The increase is contributed by the new hospital opening, Mitra Keluarga Kalideres, in late July 2015. The net profit has been growing by approximately 20.6% from Rp455.8 billion to Rp549.5 billion over the same period, reflecting a net profit margin expansion of 1.6% from 28.5% to 30.1%.
Mitra Keluarga has booked higher interest income on the back of higher cash balance at the end of September 2016. The net financial income for the nine month of 2016 was Rp124.5 billion which represents approximately 6.8% of the Company’s net revenue, increased from Rp103.3 billion for the same period of 2015. The Company has no bank loans or any other debt instruments, and with a net cash position amounting to Rp2,432.2 billion as of September 30, 2016
Mitra Keluarga President Director, Ir. Rustiyan Oen, MBA, explained that the Company intends to open another six hospitals by 2019 in Greater Jakarta and Surabaya. This month, we held our groundbreaking ceremony for the 13th hospital construction and we target to open the hospital by the end of 2017. In addition, we have concluded the purchase of our 5th land bank and will continue to pursue in securing more sites for new hospitals expansion, 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 by the end of September 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 1.72 million patients in 2015. It is the second largest private hospital in terms of hospital bed capacity with 1,725 operational beds as of 31 December 2015.
Mitra Keluarga employed more than 5,000 medical professionals including doctors, laboratory staff, nurses and therapists with close to 900 specialists practicing in all of its hospitals by 2015.
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).