NEW YORK TIMES - JAKARTA. PT Siloam International Hospitals Tbk (SILO) is preparing a capital expenditure or capex of IDR 1.4 trillion to IDR 2 trillion for the improvement of existing assets and expansion.

Jimmy Rambing, the Head of Public Relation and Media Relation at Siloam International Hospitals said that Siloam Hospitals views the hospital business prospects in 2024 optimistically. Siloam has also recorded a steady increase in hospital service usage, reflecting the continuously growing needs in the market.

In its expansion plan, SILO intends to expand by opening one to two new hospitals every year. The construction and expansion process of new hospitals is also underway, including Siloam Hospitals Makassar Expansion, Siloam Hospitals Lippo Village LINAC Expansion, Siloam Hospitals Sentosa Bekasi Expansion, and Siloam Hospitals New Gubeng Surabaya.

"With the expansion being carried out, we are targeting revenue and EBITDA growth similar to 2023," Jimmy told Kontan.co.id, on Monday (1/4).

SILO sees positive hospital business prospects in 2024. The company also wants revenue and EBITDA growth similar to 2023.

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For additional information, in 2023, SILO recorded a net profit of IDR 1.21 trillion. Siloam's net profit last year surged 73.91% year on year (YoY) compared to the previous year of IDR 696.49 billion.

Then, SILO's net revenue reached IDR 11.19 trillion last year. This figure rose by 17.57% compared to the same period the previous year of IDR 9.51 trillion.

In detail, specialist income contributed IDR 2.52 trillion and non-specialist income of IDR 8.66 trillion. SILO's revenue was obtained from various company hospitals, such as RS Siloam Lippo Village, RS Siloam Surabaya, RS Siloam Denpasar, RS Siloam Balikpapan, and RS Siloam Jambi.

Meanwhile, SILO's cost of revenue was recorded at IDR 6.73 trillion or increased by 12.54% compared to last year's IDR 5.98 trillion. As a result, SILO's gross profit also increased by 26.08% to IDR 4.45 trillion compared to 2022's IDR 3.53 trillion.

As of December 31, 2023, SILO's liabilities also grew to IDR 2.93 trillion compared to December 31, 2022's IDR 2.61 trillion. Then the total equity of SILO as of December 31, 2023, became IDR 8.04 trillion, up compared to December 31, 2022's IDR 7.05 trillion.

Jimmy added, Siloam Hospitals has several unique value propositions that distinguish it from other private hospitals, such as established infrastructure, medical equipment technology, clinical programs with high complexity, competitive pricing, and the most superior digital services in the health industry.

Editor: Khomarul Hidayat