People register for Siloam Hospital's Covid-19 vaccination program in Lippo Mall Kemang in South Jakarta on Feb 4, 2021. (B1 Photo)
Siloam Hospitals Net Profit Soars in 2nd Quarter
BY :GRACE NADIA CHANDRA
JULY 30, 2021
Jakarta. Siloam International Hospitals, Indonesia’s largest listed hospital operator, has seen a turnaround in net income in the April to June period from the same period last year as the hospital operators saw patient volume increased above its pre-Covid-19 pandemic level.
Siloam Hospitals was back in the black in the second quarter this year, booking Rp 152 billion ($10.5 million) in net income compared to a net loss of Rp 149 billion in the same quarter last year, the company said in a statement on Thursday.
Siloam Hospitals’s net profit margin also increased to 8 percent compared to the -13.9 percent reported in the previous year.
The total profit of the first semester of 2021 was Rp 292 billion, compared to a net loss of Rp 130 billion in the same period last year. Out of 18 hospitals that were unprofitable in 2019, 9 of these have turned profitable.
The company said the result confirmed that the company’s growth trend was only continuing its momentum.
The hospital operator’s patient admissions grew 39.6 percent, and outpatient admissions soar 69.7 percent in the second quarter this year, compared to last year. Siloam Hospitals' occupancy rate has risen to 55 percent in the period from 41.6 percent a year ago.
"Patient volumes are on track to continue their recovery towards and eventually above pre-Covid levels," the company said.
This is not surprising as a fifth of 3.3 million Covid-19 total cases in Indonesia emerged in the quarter, bringing in a flood of patients to hospitals throughout the country.
Darjoto Setyawan, Siloam’s president director, said that Siloam had had a “pivotal” role in fighting against Covid-19 in Indonesia. In 2021, the hospitals administered 1.4 million tests, vaccinated 160,000 people, and treated almost 13,000 Covid-19 patients.
“We stand side by side with the government, the business community, our brave employees, and each and every Indonesian in the fight against this pandemic,” he said in the statement.
Furthermore, the company has invested Rp 143 billion for personal protective equipment (PPE), Covid-19 tests, and vaccinations for their front-line medical workers. It has compensated them Rp 51 billion in hardship allowances in the first half of 2021.
Siloam Hospitals also committed to spending an additional Rp 30 billion on corporate social responsibility (CSR) activities in the remainder of 2021.
Siloam Hospitals today managed and operated 39 hospitals across Indonesia, including 14 in the Greater Jakarta area. Other 25 hospitals were situated in Java, Sumatra, Kalimantan, Sulawesi, Bali, and Nusa Tenggara. The hospitals had a total of 3,792 operational beds today, up 7.3 percent from 3,533 beds a year ago.