PT Medikaloka Hermina (HEAL) Q2 2024 earnings summary

Executive summary

• Net revenues for the six months ended June 30, 2024, reached IDR 3,344.2 billion, up from IDR 2,691.4 billion year-over-year.

• Net income for the period was IDR 441.9 billion, a significant increase from IDR 254.1 billion in the same period last year.

• Operates 48 hospitals with 7,463 beds as of June 30, 2024, focusing on women and children care and general hospital services, with a network across 33 cities and 16 provinces.

• Total assets grew to IDR 9,881.1 billion as of June 30, 2024, compared to IDR 8,802.7 billion at year-end 2023.

• Demonstrated robust growth leveraging Indonesia's universal health coverage (JKN) and a unique doctor partnership model.

Financial highlights

• EBITDA grew 41.5% to IDR 990.5 billion in 1H24.

• PATMI increased 69.6% to IDR 254.1 billion in 1H24.

• Gross profit rose to IDR 1,285.3 billion from IDR 963.0 billion year-over-year.

• Operating income increased to IDR 616.0 billion from IDR 369.0 billion year-over-year.

• Earnings per share (basic) attributable to equity holders was IDR 23.20, up from IDR 13.97 year-over-year.

Outlook and guidance

• Ongoing expansion with new hospitals under development in Madiun, PIK 2, and IKN, with openings planned for 2H24.

• Management continues to focus on expansion and capital investment, as reflected in ongoing construction projects and increased advances for fixed asset purchases.

• The company plans to maintain a healthy capital structure and is prepared to adjust dividend payments, issue new shares, or seek additional financing as needed.