IDX-listed investment firm PT Saratoga Sedaya Investama Tbk’s net loss decreased by over 96% in the first half of 2024 due to lower losses on investment returns, according to a statement on Tuesday.
For the half year ended June 2024, Saratoga booked net losses of 446.4 billion rupiah compared with 12.21 trillion rupiah in the same period last year. Its net loss from investment returns fell over 90% to 1.37 trillion rupiah from 15 trillion rupiah during H1 2023.
The investment returns were boosted by an increase in net asset value (NAV), which increased marginally by 4% from 47.5 trillion rupiah in H1 2023 to 49.4 trillion rupiah in H1 2024.
Lany D Wong, Saratoga’s Financial Director, said the rising share prices of some of Saratoga’s portfolios, such as PT Adaro Energy Indonesia Tbk and PT Merdeka Copper Gold Tbk, as well as the growth of its non-listed portfolios boosted the NAV.
In H1 2024, Saratoga made a new investment in healthcare by acquiring a majority stake in Brawijaya Healthcare, a hospital chain in Indonesia.
Devin Wirawan, Saratoga’s Investment Director, said with the investment, the company expects Brawijaya to expand its hospital network in the archipelago. The chain currently has five hospitals and two health clinics across Greater Jakarta and Bandung.
The collaboration is also expected to support the business growth and innovation of Brawijaya. One of the innovations that can be enhanced is its cardiovascular services called Braveheart, one of the best in the country.
In a previous statement, Wirawan had said that Saratoga is also looking for investments beyond healthcare, including in the hospital ecosystem. Besides Brawijaya Hospital, Saratoga also has another healthcare portfolio in ZAP Clinic.
Saratoga has also expanded its investment in digital infrastructure by investing in Bersama Digital Data Centres (BDDC), an in-town data centre provider. BDDC recently built its second data centre, JST1, with tier-IV standards in East Jakarta.
Wirawan said that digital infrastructure is still promising in Indonesia, and the company will continue to search for potential investments in this sector. “We are committed to increasing investment in strategic sectors by maintaining existing portfolios and investing in new companies with sustainable growth,” he said.
