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20240426_SILO_Laporan Informasi dan Fakta Material_31630179_lamp1.pdf
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PRESS RELEASE
FOR IMMEDIATE RELEASE
26 April 2024
Siloam Hospitals Sustained Growth and Served over 1 million
Patients in the First Quarter of 2024
1Q2024 vs 1Q2023 Financial and Operational Highlights:
• Revenue, Underlying EBITDA, and Underlying Net Profit booked at Rp2.34tn, Rp706bn, and
Rp334bn, growing 14.4%, 17.2%, and 29.7% Year-on-Year respectively.
• Inpatient Admissions, Inpatient Days, and Outpatient volume in 1Q2024 recorded at 82,840
patients, 260,258 days, and 1,051,017 visits, and each grew 16.2%, 15.5%, and 13.6% compared
with FY2022.
PT Siloam International Hospitals Tbk (“Siloam” or the “Company”; stock code: “SILO”)
Tangerang, 26th March 2024 – Siloam announced its financial and operational results for first quarter of
2024. The Company started 2024 with sustained growth and had served more than 1 million patients.
Siloam continued to implement cutting-edge medical technologies, enhancing diagnostic accuracy and
treatment outcomes and was able to improve the range and complexity of its service delivery by investing
in the development of clinical programs. Both throughput and Average Revenue per Days (ARPD) from
high complex clinical programs such as Cardiology and Cardio-Surgery, Oncology and Onco-Surgery,
Neurology and Neurosurgery, Gastroenterology, and Orthopaedic Surgery (CONGO) have grown Year-on-
Year. ARPD CAGR for each CONGO programs have shown positive results over the past 4 quarters.
To support the growth of these programs, the Company has continued its expansion strategy of opening
1 to 2 hospitals per year while optimizing existing capacity. As of 1Q2024, Siloam operates more than 4
thousand beds with an occupancy rate of 70.6% on a blended basis.
Private payer mix (Out of Pocket, Corporate and Insurance) remained the major contributor of the
Company’s total revenue. 82% of Siloam’s revenue were derived from Private payer, while BPJS revenue
remained stable at 18% as of 1Q2024.
In 2019, Management reviewed the list of pipeline hospitals in development and wrote off a substantial
number as part of its renewed strategy to reduce the pace of expansion. Following this exercise, there
remained a number of pipeline hospitals that Management felt could be continued. Some of these
hospitals (e.g. Siloam Hospitals Paal Dua, Siloam Hospitals Ambon) have since opened and are operating
profitably. As part of the process in developing the next 5 years strategic plan for Siloam named NGS
(Next Generation Siloam), Management has conducted a review and decided to be prudent and made a
provision for the carrying value of the remaining pre 2019 pipeline hospitals. This review resulted in a
one-off non-cash adjustment of Rp308bn that reduced the Underlying EBITDA of Rp706bn to Rp398bn
and Underlying Net Profit of Rp334bn to Rp25bn.
Operational Results 1Q2024 1Q2023 % growth 1Q2024 4Q2023 % growth
Operational Beds (beds) 4,052 3,851 5.2% 4,052 3,987 1.6%
Inpatient Admissions 82,840 71,316 16.2% 82,840 79,272 4.5%
Inpatient Days (days) 260,258 225,324 15.5% 260,258 242,912 7.1%
Occupancy Rate (%) 70.6% 65.0% 8.6% 70.6% 66.2% 6.6%
Outpatient Visits 1,051,017 925,259 13.6% 1,051,017 1,066,474 -1.4%
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Financial Results (IDR mn) 1Q2024 1Q2023 % growth 1Q2024 4Q2023 % growth
Net Revenue 2,340,756 2,046,587 14.4% 2,340,756 2,289,456 2.2%
Underlying EBITDA 706,259 602,736 17.2% 706,259 719,889 -1.9%
EBITDA Margin (%) 30.2% 29.5% 2.4% 30.2% 31.4% -4.0%
EBITDA 397,795 602,736 -34.0% 397,795 719,889 -44.7%
EBITDA Margin (%) 17.0% 29.5% -42.3% 17.0% 100.0% -83.0%
Underlying Net Profit 333,725 257,370 29.7% 333,725 363,212 -8.1%
Net Profit Margin (%) 14.3% 12.6% 13.4% 14.3% 15.9% -10.1%
Net Profit 25,262 257,370 -90.2% 25,262 363,212 -93.0%
Net Profit Margin (%) 1.1% 12.6% -91.4% 1.1% 50.5% -97.9%
Remarks from Siloam’s President Director:
Siloam’s President Director, Mr. Benny Haryanto, commented on the results: “Management has laid a
strong foundation for future growth. Siloam continues to navigate the dynamic healthcare environment,
and remains dedicated to its mission of providing exceptional care to patients while achieving operational
excellence and financial sustainability. Management has remained committed to delivering unparalleled
care, driving innovation, and making a positive impact on the communities we serve.”
lain (radiasi, hormonal, sunti
For more information, please contact:
Wily Tjandera
Investor Relations Senior Officer
Siloam Hospitals Group
wily.tjandera@siloamhospitals.com
+628179000128
About Siloam Hospitals Group
PT Siloam International Hospitals Tbk (“Siloam Hospitals”) is a network of private hospitals in Indonesia committed
to providing high quality health services in Indonesia. Starting business in 1996, Siloam Hospitals currently manages
and operates 41 hospitals, consisting of 15 hospitals in the Greater Jakarta area and 26 hospitals spread across the
islands of Java, Sumatra, Kalimantan, Sulawesi, Bali, Nusa Tenggara and Ambon. Siloam Hospitals Group also
operates 73 Siloam Clinics.
Siloam Hospitals' vision is to provide international quality healthcare and reach all levels of society on a national
scale based on Godly compassion which is the basis for Siloam Hospitals to respond to the dynamic social
transformation in Indonesia. Siloam Hospitals' mission is to be the trusted choice for world-class holistic healthcare,
health education and research.
Siloam Hospitals is the pioneer of Joint Commission International (JCI) accreditation for hospitals in Indonesia. JCI is
an international accreditation agency based in the United States that focuses on improving the quality of health
care and patient safety.
For more information about Siloam Hospitals, visit www.siloamhospitals.com.
Disclaimer: This Press Release is prepared by Siloam Hospitals and is distributed only to convey general information. This Press Release is not
intended for a particular group or purpose and does not constitute a recommendation regarding the shares of Siloam Hospitals. No guarantee is
given regarding the completeness or certainty of the information contained. All opinions and estimates included in this Press Release are our
opinions as of this date and are subject to change without notice. Siloam Hospitals is not responsible for any losses that may occur to any party
due to part or all of the contents of this Press Release, Siloam Hospitals and affiliated companies including their employees and agents are not
responsible for any mistakes, omissions, omissions or inaccuracies that can happen.
Predictive Statements: Some of the statements in this Press Release are or may be predictive in nature. These statements generally contain
words such as "will", "hopes", "anticipates" or the like. By their nature, predictive statements carry risks and uncertainties that may cause realities
that are different from what is explained in this Press Release. Factors that can cause different realities include but are not limited to: the
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economic, social and political situation in Indonesia; the health industry situation in Indonesia; market situation; additional regulatory burdens in Indonesia, including regulations relating to the environment and regulatory compliance costs; fluctuations in foreign exchange rates; interest rate development, capital costs and capital availability; anticipated demand and supply prices related to our health services and related capital expenditures and other investments; construction costs; availability of health services; competition from companies and other locations; changes in customer demand; changes in operational costs, including employee salaries, wages and training, changes in public and government policies; our ability to stay competitive; financial conditions, business strategies and plans and targets set by our management for future work; procurement of future income; compliance with environmental and remediation regulations. If, among other things, one or more of the risks or uncertainties mentioned above occur, the actual results may differ materially than predicted, anticipated or projected. In particular, but not limited, capital costs can increase, projects can be postponed and anticipated increases in production, capacity or implementation may not all occur. Although we believe that our management's expectations expressed in predictive statements are reasonable based on the information we have at the moment, we cannot provide guarantees that these expectations can become reality. You should not depend on these statements immediately. However, these statements apply only to the date they were stated, and we are not responsible for making updates or revisions, even if new information, new events or anything is available.
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Benny Haryanto
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