EARNINGS WATCH- Cleopatra Hospitals Group reported a 27% y-o-y dip in 1H2019 net profits to EGP 97.7 mn compared to EGP 133.4 mn a year earlier, according to the company’s quarterly financial statement (pdf). Revenues rose 22% y-o-y during the period to EGP 825 mn. CHG’s profits fell 44% y-o-y during 2Q2019, coming in at EGP 42.6 mn compared to EGP 76.2 mn in 2Q 2018. This came in spite of robust top line growth: Revenues in 2Q 2019 grew 25% y-o-y to EGP 409.1 mn, from EGP 326.6 mn in 2018.

Looking ahead, CHG is shifting its focus on integrating its newly acquired facilities, including one of the country’s largest IVF centers, in which it acquired a majority stake. Management is also looking to push ahead with the group’s plans to inaugurate two facilities per year over the next five years. “All in all, I am confident that we are ideally positioned to build on the operational and financial results achieved in the first six months of the year to deliver an even more impressive second half of strong organic and inorganic growth,” CEO Ahmed Ezzeldin said.