PT Mitra Keluarga Karyasehat (MIKA) Q2 2024 earnings summary

Executive summary

• Net revenue for the six months ended June 30, 2024 reached Rp2.45 trillion, up 19.7% year-over-year, with net profit attributable to owners increasing to Rp600.6 billion from Rp453.1 billion year-over-year.

• One of Indonesia's largest private hospital groups, operating 30 hospitals with 3,974 operational beds as of June 2024, and a strong track record of growth and profitability over 35 years.

• Focused on high-growth regions like Greater Jakarta and Surabaya, with a broad network and comprehensive service offerings across 32 specialties.

• Recognized for operational excellence, high patient volumes, and industry-leading EBITDA margins, supported by a highly experienced management team.

• Total assets grew to Rp8.06 trillion as of June 30, 2024, compared to Rp7.34 trillion at December 31, 2023.

Financial highlights

• 1H24 revenue reached Rp2.45 trillion, up 19.7% year-over-year; EBITDA rose 29.6% to Rp936 billion, with EBITDA margin improving to 38.2%.

• Net income for 1H24 was Rp645 billion, up 32.3% year-over-year, with net margin at 26.3%.

• Gross profit for H1 2024 was Rp1.32 trillion, up from Rp1.02 trillion year-over-year.

• Cash and cash equivalents at June 30, 2024 were Rp1.72 trillion, up from Rp842.8 billion at year-end 2023.

• Basic and diluted EPS increased to Rp43.18 from Rp32.19 year-over-year.

Outlook and guidance

• 2024 revenue growth forecast revised upward to 15–17%, with EBITDA margin expected at 37–38.5%.

• Additional 250–300 operational beds planned for 2024, including new hospital openings and expansions.

• Strategic focus on expanding capacity, adding complex medical services, and digital transformation.

• Management continues to focus on maintaining a strong capital structure and healthy liquidity to support business growth and maximize shareholder value.

• No specific forward-looking financial guidance was provided.