JAKARTA. PT Siloam International Hospitals Tbk (SILO) recorded net profit growth of 672% to IDR 150 billion in the first quarter of 2021 compared to IDR 19.5 billion in the same period in 2020.
The surge in net profit was obtained after the company managed to book revenue in the period of IDR 1.91 trillion, up 32.5% compared to IDR 1.44 trillion achieved in the first quarter of 2020. The company's success in reducing material costs to 32.8% of revenue (from 36.3%) and lowering operating expenses (opex) to 29.5% from 36.2%, resulted in a record-breaking net profit achievement amounting to IDR 150 billion.
CFO of PT Siloam International Hospitals Tbk (SILO) Daniel Phua explained that the continuous focus of management to increase revenue and cost management strategies as well as the implementation of the COVID treatment and testing program has boosted profitability.
With this net profit, the net profit margin (NPM) increased to 7.9% from 1.3% in the first quarter of 2020. Likewise, EBITDA grew 59% to Rp 483 billion from the previous IDR 303 billion, with EBITDA margin increasing to 25.3% compared to 21% in Q1 2020.
Siloam also posted a surplus cash flow of IDR 510 billion, growing 73.4% compared to IDR 294 billion in the first quarter of 2020. Operating cash flow reached IDR 622 billion, or grew by 49.2%. (AM/LM)