Mitra Keluarga Booked Revenues of IDR 2.3tn for 9M 2020
Jakarta, October 21, 2020
PT Mitra Keluarga Karyasehat Tbk. ("Mitra Keluarga" or "the Company") announced its financial results for the months ended September 30, 2020.
Mitra Keluarga posted 9M 2020 revenue of IDR 2.3 trillion compared to IDR 2.4 trillion for the same period in 2019 and EBITDA was recorded at IDR 830.8 billion compared to IDR 864.2 billion in the same period last year. Mitra Keluarga has booked a recovery during the third quarter of 2020 as both revenues and EBITDA for such period was booked at IDR 875 Bn and IDR 364 Bn vis a vis IDR 875 Bn and IDR 318 Bn for the first quarter of 2020. Despite total patient volume have declined by 22.4% y-o-y, both revenues per inpatient and revenue per outpatient visit have increased by 11.9% and 16.9% y-o-y, respectively. Medication and diagnostic testing to treat COVID-19 patients have increased the revenue intensity. Mitra Keluarga has undertaken several initiatives in light of the growing COVID-19 cases in both Greater Jakarta and Surabaya and to date, we have handled more than 5,500 COVID-19 cases throughout our hospital networks in 2020.
Increase COVID-19 bed capacity more than 50% compared to 2Q 2020 both at Mitra Keluarga and Kasih Group hospitals.
Add more in-house PCR test laboratories, currently, we operate three laboratories that handle close to 700 PCR tests daily. Improve cost efficiency and productivity, y-o-y YTD Sep 20 total operating expenses growth of 1%.
Impose strict anti-infection protocols which include the use of engineering controls (among others outdoor assessment and triage facilities for patients with respiratory symptoms), improve indoor air quality, patient and visitor screening measures, reduce healthcare personnel exposures by providing adequate personal protective equipment and extra nutrients & supplements. As the result, the confidence level of the healthcare personnel has significantly increased with more than 90% of specialists have returned their normal practice hours in 3Q 2020.
Provide teleconsultation services as an alternate patient entry point; currently, more than 1,500 teleconsultations have been served since its launch in May 2020.
Financial Performance of 9M20
Total Revenues of IDR 2.3 trillion for 9M 2020 compared to IDR 2.4 trillion y-o-y, a decrease of 2.81%. Revenues for 3Q 2020 was booked at IDR 874.5 billion which represents an increase of 54.3% compared to that of 2Q 2020.
Total Outpatients of 1.52 million for 9M 2020 compared to 1.98 million y-o-y, a decrease of 23.2%. However, there was an increase in 3Q 2020 of 48.3% to 495.5 thousand compared to that of 2Q 2020.
Total Inpatients of 138.6 thousand for 9M 2020 compared to 157.9 thousand y-o-y, a decrease of 12.2%. The inpatient admissions have increased by 13.3% for the 3rd quarter of 2020 compared to that of the 2nd quarter of 2020. The average length of stay stood at 3.1 days in 9M 2020.
Revenue per Outpatient Visits of IDR 534.6 thousand for 9M 2020 compared to IDR 457.3 thousand y-o-y, an increase of 16.9%. There was an increase in 3Q 2020 of 13.2% to IDR 619.9 thousand compared to 2Q 2020.
Revenue per Inpatient Days of IDR 3.5 million for 9M 2020 compared to IDR 3.1 million y-o-y, an increase of 11.9%. Revenue per Inpatient in 3Q 2020 stood at IDR 4.1 million - representing an increase of 23.5% compared to that of 2Q 2020.
Bed Occupancy Ratio of 51.2% for 9M 2020 compared to 61.3% y-o-y, a decrease of 10.0%. There was an additional 42 operational beds in 3Q 2020 in Mitra Keluarga Bintaro and Mitra Keluarga Pratama Jatiasih.
Gross Profit of IDR 1.09 trillion for 9M 2020 compared to IDR 1.14 trillion y-o-y, a decrease of 3.8%. However, there was an increase in 3Q 2020 of 87.1% to IDR 442.4 billion compared to that of 2Q 2020.
Gross Profit Margin of 47.3% for 9M 2020 compared to 47.7% y-o-y, a decrease of 0.5%. However, there was an increase in 3Q 2020 of 8.9% to 50.6% compared to 2Q 2020.
Operating Expenses of IDR 456.2 billion for 9M 2020 compared to IDR 458.0 billion y-o-y, an increase of 1.6%.
EBITDA of IDR 830.8 billion for 9M 2020 compared to IDR 864.2 billion y-o-y, a decrease of 3.9%. However, there was an increase in 3Q 2020 of 143.6% to IDR 363.9 billion compared to 2Q 2020.
EBITDA Margin of 35.9% for 9M 2020 compared to 36.3% y-o-y, a decrease of 0.4%.
Net Profit of IDR 570.1 billion for 9M 2020 compared to IDR 587.3 billion y-o-y, decreased by 2.9%. However, the net profit in 3Q 2020 grew by 159.7% compared to that of 2Q 2020. The company has a cash position of IDR 1.99 trillion as of September 30, 2020.
Hospital Expansion Plan
Mitra Keluarga will continue to add more hospitals in the future through both greenfield and brownfield expansion plans;
Mitra Keluarga expects to open our 26th hospital located in the Surabaya area in January 2021 awaiting operational permit issuance.
Mitra Keluarga plans to commence the groundbreaking of the 27th & 28th Hospital in 1Q 2021.
M&A opportunities would remain part of Mitra Keluarga's growth strategies, currently, there is one hospital in the pipeline.
Mitra Keluarga Karyasehat Tbk at a glance
The Company built its first hospital back in 1989 and currently owns and operates 25 hospitals, sixteen of which are located in the Greater Jakarta area, five 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 staffs, 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 38 trillion as of December 31, 2019. (IDX:MIKA).