Jakarta. Leading hospital network Siloam International Hospitals (SILO) reported an impressive surge of 142.5 percent in net profit, reaching Rp 516 billion ($34.3 million) during the first half of 2023 compared to the same period last year.

During the same period, Siloam's revenue also rose by 19.1 percent year-on-year, amounting to Rp 4.09 trillion.

The company attributed these achievements to "higher patient volume for complex surgeries which leads to higher Average Revenue per Day (ARPD)."

Additionally, Siloam successfully implemented cost-efficiency initiatives, saving about Rp 58 billion in the first semester of the year.

"Siloam continued to show resiliency and booked significant financial and operational results in the second quarter of 2023. Management has continued to drive efficiency and profitability in each hospital and has overcome seasonal factors over the past two quarters," Siloam's President Director Benny Haryanto said.

The seasonal factors include lower productive days due to the lengthy Ramadan holidays in the second quarter.

Siloam, which operates 41 hospitals in 23 provinces, also reported a 33.7 percent increase in inpatient admissions, reaching 142,961 patients in the January-June period. The number of outpatients also surged by 29.9 percent to 1.8 million.

The company plans to build new hospitals in Surabaya and Jakarta with capacities of 100 beds and 200 beds, respectively.

The yet-to-be-built hospital in Kemang, South Jakarta, "has the opportunity to provide services to upscale international patients such as expats living in the premises," Siloam said.

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