Cleopatra Hospitals Group reported a 4% y-o-y dip in 1Q2019 net profits to EGP 55.1 mn compared to EGP 57.2 mn a year earlier, the company said in its earnings statement (pdf). Revenues rose 20% y-o-y during the quarter to EGP 416 mn. Net income was impacted by an increase in impairments “primarily related to claims made in 2016 and 2017,” Cleopatra said. The company is “actively working to establish a more structured revenue cycle management framework” that will include moving away from weak credit profile clients and improving the group’s claims collection procedure.

Looking ahead, CHG is pushing through its expansion plans: “In the coming months we will launch our second polyclinic and will continue to explore new potential locations, in line with our plan to inaugurate two facilities per year over the coming five years. In addition, the Group is in the final agreement stages to take over operations of El Katib Hospital, which will add close to 100 beds to our existing capacity. We will also press on with the Group-wide renovation works and aim to roll out the new HIS/ERP system at Cleopatra and Queens hospitals. This will see all the Group’s East Cairo facilities operating under the new, integrated framework allowing us to further enhance efficiency and further improve the quality of care across our hospitals,” Chief Executive Officer Ahmed Ezzeldin said.