TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Siloam shows steady growth in first quarter of 2022
The business growth of Siloam remained stable in the first quarter of 2022, despite the recent spike in COVID-19 cases driven by the Omicron variant.
Change Size
T
he business growth of Siloam remained stable in the first quarter of 2022, despite the recent spike in COVID-19 cases driven by the Omicron variant. The growth has the potential to increase without the resurgence of Omicron in Indonesia, even though the number of patients that required hospitalization was quite low. Revenue from government reimbursement for treating COVID-10 patients (KMK) contributed 2.9 percent of total revenue in the first quarter of 2022, compared to 18.3 percent in the first quarter of 2021.
“Siloam's performance remained strong in 1Q2022, the company reported strong financial and operational results, especially in the current situation. As the COVID-19 pandemic eases, we are increasingly focused on carrying out various growth initiatives,” said Darjoto Setyawan, president director of Siloam.
Siloam reported a decline in the number of patients in February; however, the number is expected to grow after a rapid recovery in March. Siloam recorded a revenue of Rp 1.75 trillion (US$120 million) in the first quarter, a decrease of 8.7 percent compared to the previous period. Moreover, they recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rp 409 billion and an EBITDA margin of 23.4 percent, both a decrease from the same period last year. Siloam's net profit in the first quarter of 2022 was Rp 102 billion, a decrease of 32.1 percent from last year. Furthermore, Siloam's revenue and EBITDA were 21.0 percent and 34.7 percent higher than in 2020, respectively.
The first quarter of this year saw approximately 699,000 outpatients (those who receive medical treatment without being admitted), an increase from the first quarter of 2021. There was also an increase in patients that were admitted. Private patients contributed about 82 percent of Siloam's revenue and total private patient income increased by 9 percent year-on-year. The contribution of private patients to revenue is at the same level as in the last quarter of 2021.
Moreover, Siloam Hospital started the year by opening its newest addition as the first hospital to open in Siloam's managed service business line: Siloam Holland Village. Through this line of business, the capital for the construction and provision of the hospital comes from external investors, and Siloam will manage the hospital when it is ready to operate.
