2 Hospital Companies From The Emtek Group Owned By Conglomerate Eddy Kusnadi Sariaatmadja Their Performance Drops In The First Semester Of 2022

Grha Kedoya Hospital. (Photo: Doc. Grha Hospitals)

JAKARTA - Two issuers of the PT Elang Mahkota Teknologi (EMTK) Group hospital aka Emtek owned by conglomerate Eddy Kusnadi Sariaatmadja, PT Sarana Meditama Metropolitan Tbk (SAME) and PT Kedoya Adyaraya Tbk (RSGK) posted a decline in performance during the first semester of 2022.

The revenues and profits of these two companies decreased compared to the same period in the previous year. In the financial report, quoted on Friday, August 12, SAME's service revenue was recorded to be down 1.53 percent on an annual basis to Rp637.91 billion, compared to Rp647.89 billion in the first semester of 2021.

The decrease was mainly due to a decrease in income from inpatient rooms from IDR 162.30 billion in the first semester of 2021 to IDR 129.23 billion in the first semester of 2022. Meanwhile, the largest revenue contributor, namely medical support, increased from IDR 333.59 billion to IDR 381.92 billion. .

In the midst of declining revenue, cost of goods actually shot up 26.62 percent yoy to Rp432.52 billion from the previous Rp341.57 billion. This caused SAME's gross profit to drop by 32.94 percent to only IDR 205.39 billion compared to IDR 306.31 billion in the same period the previous year.

In the first semester of 2022, SAME posted an operating loss of Rp. 13.34 billion, from an operating profit of Rp. 140.71 billion in the first semester of 2021. In addition, the net loss attributable to owners of the parent entity in the first semester of 2022 reached Rp24.76 billion, a turn from profit of Rp87.89 billion.

SAME also recorded an increase in liabilities of 131.07 percent compared to the position in December 2021, from Rp. 517.05 billion to Rp. 1.19 trillion in June 2022. SAME management explained that the increase in liabilities of Rp. 680.9 billion was mainly due to the increase in bank loans, in which SAME obtained a credit facility from HSBC Bank amounting to Rp765 billion which was used for acquisitions or additional working capital.

Meanwhile, the hospital issuer under SAME ownership, namely Kedoya Adyakarya (RGSK) also experienced a decrease in revenue during the first semester of 2022. RSGK revenue during January-June 2022 was recorded at Rp. 166.01 billion, down 29.10 percent compared to Rp. 234.17 billion. in the same period the previous year.

All RSGK revenue posts were observed to have decreased, such as hospitalization from Rp. 142.43 billion to Rp. 98.34 billion. Likewise, income from outpatient services decreased to Rp. 67.66 billion, from Rp. 91.74 billion in the first semester of 2022.

Gross profit also experienced a correction to IDR 58.41 billion or 44.3 percent lower than IDR 104.74 billion recorded in the first semester of 2021. Net profit also eroded by 85.34 percent yoy to IDR 8.64 billion from the previous IDR 58.97 billion.

RSGK's total liabilities as of June 30, 2022 were recorded to have increased by 56 percent to Rp. 163.27 billion compared to the position of December 31, 2021 of Rp. 104.36 billion due to a dividend payable of Rp. 80 billion which was paid on July 6, 2022, as well as the movement of operational transactions.