JAKARTA. PT Bundamedik Tbk (BMHS), the managing company of a network of hospitals and other healthcare service providers, only scored net profit of IDR 7.46 billion in 2023. It was 91% lower than the net profit seen in the previous year.

According to IDNFinancials data, BMHS collected net profit of IDR 83.27 billion in 2022. Its net profit in 2022 was supported by its revenue that reached IDR 1.65 trillion.

Meanwhile, in 2023, BMHS’s revenue was reported at IDR 1.48 trillion. The revenue in 2023 slipped 10.3% year-on-year (yoy).

In addition to the declining revenue, BMHS’s profit shrinkage was also triggered by increases in several operational expenses in 2023. Operating expenses swelled 10.2% yoy to IDR 605.3 billion in 2023, as did financial expenses by 22.6% yoy to IDR 57.8 billion, and other operational expenses by 98% yoy to IDR 889 million.

Furthermore, BMHS was also charged with tax income expenses of IDR 24 billion, while there was a loss on market devaluation of its financial assets of IDR 2.8 billion.

BMHS’s net profit decrease dragged its earning per share (EPS) down to IDR 0.9 in 2023, whereas it managed to score EPS of IDR 9.7 in 2022.

As of December 31, 2023, BMHS’s total assets grew 5.11% yoy to IDR 3.08 trillion, while its equity shrank 0.44% yoy to IDR 3.08 trillion. (KR/ZH)