COVID-19 Slashes, Revenue From Conglomerate Mochtar Riady's Siloam Hospitals Drops 8.7 Percent To Rp1.74 Trillion In The First Quarter Of 2022

Siloam Hospitals. (Foto: Dok. Siloam Hospitals)

JAKARTA - The hospital issuer of the Lippo group belonging to the conglomerate Mochtar Riady, PT Siloam International Hospitals Tbk (SILO) recorded a decline in revenue in the first quarter of 2022. This was in line with the decline in COVID-19 cases in the first 3 months of this year.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Saturday, April 30, Siloam recorded a net income of IDR 1.74 trillion in the first quarter of 2022. This achievement decreased by 8.7 percent compared to the first quarter of 2021 which amounted to IDR 1.91 trillion.

The EBITDA position also eroded 15.4 percent to Rp409 billion from Rp483 billion. As a result, SILO's net profit fell 32.1 percent to IDR 102 billion in the first quarter of 2022 from IDR 150 billion in the same period the previous year.

President Director of Siloam International Hospitals Darjoto Setyawan said Siloam's performance remained strong in the first quarter of 2022. The company reported strong financial and operational achievements, especially in the current situation.

"As the COVID-19 pandemic eases, we are increasingly focused on carrying out various growth initiatives. Siloam continues to invest in improving our medical capabilities during the pandemic and we have successfully moved forward in 2022," he explained.

The decline in revenue occurred because Siloam's non-COVID-19 business growth remained stable during the 1Q2022 period despite being impacted by the Omicron variant. Revenue growth in this period could be stronger if there was no Omicron variant.

The number of COVID-19 patients hospitalized is quite low in the Omicron variant, revenue from KMK or government reimbursement for the treatment of COVID-19 patients contributes 2.9 percent of the total revenue for the 3 months of 2022 compared to 18.3 percent in the first quarter of 2021. .

However, this still resulted in a decrease in patient volume in February 2022. However, this was followed by a rapid recovery in the number of visits in March and it is hoped that this increase will continue.

Siloam's patient volume continued to increase steadily in the first quarter of 2022. The number of inpatients reached more than 51,000 patients, an increase of 26.2 percent compared to the first quarter of 2021.

Inpatient Days recorded at 180,000 remained stable compared to the previous quarter, even though the volume of COVID-19 patients in 2022 was much lower. In the first quarter of 2022, the number of Siloam outpatients reached around 699,000 patients, an increase of 28.3 percent compared to the first quarter of 2021.

Although the Omicron variant in February had an impact on patient volume; the number of inpatients, inpatient days, and outpatients was higher by 3.3 percent, 4.2 percent, and 1 percent, respectively, compared to the first 3 months of last year. The number of inpatients and outpatients in this quarter was higher than the previous 7 quarters.

In the first quarter of 2022, private patients contributed about 82 percent of Siloam's revenue compared to only 70 percent in the same period last year and total private patient revenue increased 9 percent year on year.

Even with Omicron's surge causing a drop in patient volumes in February, the contribution of private patients to revenue is at the same level as in Q4 2021.