'Blessing' Pandemic, Prodia' Profit Soars 356 Percent In Q1 2021 Thanks To 4.2 Million People Conducting Tests

Illustration. (Photo: Unsplash)

JAKARTA - Laboratory company, PT Prodia Widyahusada Tbk has successfully reaped the blessings of the COVID-19 pandemic. The prda-coded issuer was able to record net income growth of 59.8 percent to Rp625.53 billion in the first quarter of 2021, compared to the same period in the previous year of Rp391.37 billion.

Net profit also increased sharply 356.4 percent to Rp158.75 billion. Net profit margin and EBITDA margin increased to 25.4 percent and 36.8 percent, respectively.

Prodia' s Managing Director Widiahusada Dewi Muliaty said that Prodia recorded good performance growth in the first quarter of 2021 compared to the same period in the previous year.

"The achievement of the first quarter 2021 performance demonstrates a sound financial position and strong capital structure enabling us to anticipate market uncertainty, and execute strategies for long-term growth for Prodia' s business," Dewi said in a written statement, quoted Monday, May 10.

Dewi explained that Prodia focuses on operational excellence and efforts to maintain revenue and profit growth. PRDA also continues to adapt to technological developments in order to continuously improve productivity and efficiency of work processes, improve services for customers, and accelerate the digital transformation of healthcare services.

The increase in net income in the first quarter of 2021 was supported by the contribution of revenue from each customer segment. The individual customer segment and doctor referrals accounted for 67.6 percent of the company's revenue.

Meanwhile, the contribution of third party reference segments and corporate clients amounted to 32.4 percent of the company's revenue.

Esoteric test revenue also grew to Rp252.69 billion in line with the increasing demand for esoteric tests in the first quarter of 2021 to 516,711 tests.

The company's total assets in the first quarter of 2021 increased by approximately 7.6 percent to Rp2.4 trillion compared to the previous year. Current assets became Rp1.56 trillion and non-current assets became Rp844.96 billion.

Meanwhile, total liabilities increased by approximately 0.9 percent to Rp 447.83 billion in the first quarter of 2021. Short-term liabilities reached Rp220.71 billion and long-term liabilities amounted to Rp227.13 billion. Total equity increased to Rp1.95 trillion compared to 2020 which reached Rp1.79 trillion.

In terms of cash flow, the company managed to maintain net cash flow from operating activities in a surplus position in the first quarter of 2021 to Rp196.88 billion or an increase of 3.7 percent compared to the same period in 2020.

The increase in net cash flow account from operating activities was primarily attributable to cash receipts from customers amounting to Rp629.64 billion. With a cash position and cash equivalents of Rp354.89 billion, the Company has a solid financial position to support Prodia' s continuity of operations and business development.

In the first quarter of 2021, the number of inspections reached 4.2 million and the number of visits reached 833,260. The number of requests for esoteric tests increased by 279.7 percent to 516,711 tests.