Mitra Keluarga Posts 8.7% Revenue Growth for 1Q 2020
Jakarta, May 11, 2020
PT Mitra Keluarga Karyasehat Tbk. ("Mitra Keluarga" or "the Company") announced its financial performance as of March 31, 2020.
Mitra Keluarga posted a revenue growth in 1Q 2020 of 8.7% y-o-y. The growth was driven by higher traffic both in Inpatient Admissions and Outpatient Visits which increased by 5.4% and 5.2% respectively. Intensity has also increased due to price increased at the beginning of the year and change in case mix which resulted in the higher Average Revenue per Inpatient days and Outpatient visit by 3.3% and 1.9% respectively. JKN Revenue contributed around 14.8% in 1Q 2020 vs 10.8% in 1Q 2019.
WHO has declared Covid-19 as a pandemic in March 11, 2020 and the first Covid-19 cases in Indonesia was first diagnosed in March 2, 2020. As a response to this situation, Mitra Keluarga Pratama Jatiasih has been appointed by Ministry of Health to become referral hospital to treat Covid-19 cases followed by virtue of Regional Governor’s decrees for 13 other Mitra Keluarga hospitals located in DKI Jakarta (3), West Java (9) and East Java (1). Up until April 30, 2020, Mitra Keluarga Group has treated more than 600 Suspect Covid-19 and Positive Covid-19 cases.
On April 24, 2020, Mitra Keluarga announced the acquisition of RSIA Panti Abdi Dharma located in Cirebon, West Java. This hospital has 35 operational beds and is one of BPJS providers in Cirebon.. This acquisition will strengthen Mitra Keluarga’s business portfolio and existence in the West Java province.
Financial Performance of 1Q20
Total Revenues of IDR 874.7 billion for 1Q 2020 compared to IDR 804.6 billion y-o-y, an increase of 8.7%.
Total Outpatients of 693 thousand for 1Q 2020 compared to 659 thousand y-o-y, an increase of 5.2%.
Total Inpatients of 58 thousand for 1Q 2020 compared to 55 thousand y-o-y, an increase of 5.4% and average length of stay stood at1 days in 1Q 2020.
Revenue per Outpatient Visits of IDR 467.5 thousand for 1Q 2020 compared to IDR 458.8 thousand y-o-y, an increase of 1.9%.
Revenue per Inpatient Days of IDR 3.07 million for 1Q 2020 compared to IDR 2.98 million y-o-y, an increase of 3.3%.
Bed Occupancy Ratio of 65.7% compared to 70.7% y-o-y, a decrease of 5.0% due to additional operation bed in 1Q 2020 totally 121 beds. The number of operational beds as of 1Q 2020 has reached 2,997 beds, an increase of 12.9% from 1Q 2019 which only 2,655 beds.
EBITDA of IDR 317.6 billion for 1Q 2020 compared to IDR 300.6 billion y-o-y, an increase of 5.7%.
EBITDA Margin of 36.3% for 1Q 2020 compared to 37.4% y-o-y, a decrease of 1.0% mostly due to higher operational expenses ratio from 18.11% to 18.85% an increase of 0.7%.
Net Profit of IDR 220.4 billion for 1Q 2020 compared to IDR 205.1 billion y-o-y, increased by 7.4%. The company has a cash position of IDR 2,072.8 billion as of March 31, 2020.
Mitra Keluarga will continue to add hospitals in the future through both greenfield and brownfield expansion plans;
Mitra Keluarga has started the groundbreaking of the 25th Hospital in Greater Surabaya area in fourth quarter of 2019 and expected to be opened by the end of 2020. The current progress has already reached 70% completion as of March 31, 2020.
Mitra Keluarga Karyasehat Tbk at a glance
The Company built its first hospital back in 1989 and currently owns and operates 24 hospitals, sixteen of which are located in the Greater Jakarta area, four in West Java, three in Surabaya (East Java), and one in Tegal (Central Java) Normally, 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, orthopedic surgery and neurosurgery, amongst others.
From its humble beginnings, The Company has transformed into one of Indonesia’s biggest private hospital operators by an intake of 2.8 million patients in 2019 and in terms of hospital bed capacity with 2,876 operational beds as of December 31, 2019.
The Company employed more than 7,794 medical professionals including doctors, laboratory staff, nurses and therapists with around 1,251 specialists practicing in all of its hospitals by 2019.
The Company successfully listed its shares in the Indonesia Stock Exchange on March 24, 2015. With 18.0% free-float, the Company has a market capitalization of IDR 28 trillion as of December 31, 2019. (IDX:MIKA).