Medikaloka Hermina Aims for 16.8 Percent Revenue Surge in 2024, Unveils Expansion Plans
Jakarta. Hospital operator Medikaloka Hermina targets a 16.8 percent revenue growth in 2024, allocating Rp 2 trillion ($127.3 million) for new hospitals and capacity expansion.
According to Yulisar Khiat, Director of Finance at Medikaloka Hermina, the company is focusing on adding five hospitals in Pasuruan and Madiun, East Java, New Capital Nusantara (IKN) in East Kalimantan, Pantai Indah Kapuk 2 in North Jakarta, and Rumbai in Pekanbaru. This expansion aims to bring the total number of hospitals to 52 across various regions in Indonesia by 2024.
"The estimated cost for the Nusantara project is up to Rp 650 billion," he explained during a press conference in Jakarta on Thursday. Additionally, the costs for the other two new hospitals are expected to range from Rp 400-450 billion.
In addition to establishing new hospitals, Medikaloka, traded on the Indonesia Stock Exchange (IDX) under the code HEAL, aims to expand the bed capacity in existing Hermina hospitals from 4,000 to 7,000 beds.
Regarding the timeline for these new hospitals, Yulisar mentioned that PIK 2 will be operational by the end of the year, while Rumbai, Pasuruan, and Madiun are expected to be in operation in the second and third quarters of 2024. As for the hospital in Nusantara, HEAL aims for completion by August 2024, targeting operational readiness before Indonesia's Independence Day which falls on Aug. 17.
"We target a 16.8 percent increase in revenue in 2024 from the audited 2023 figures," he added.
As of the third quarter of 2023, HEAL recorded a profit of Rp 348.84 billion, a 42.08 percent growth from the same period in 2022 at Rp 245.52 billion. This profit growth is attributed to the company's increased revenue, rising by 16.13 percent to Rp 4.22 trillion from Rp 3.64 trillion in 2022.
The revenue growth is dominated by the inpatient services segment, contributing Rp 2.45 trillion and registering a 13.48 percent increase from Rp 2.16 trillion. Outpatient services also played a part, contributing Rp 1.65 trillion, up from Rp 1.39 trillion.
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