Earnings watch: Cleopatra Hospitals profits fall 20% in 3Q2019
EARNINGS WATCH- Cleopatra Hospitals Group reported a 21% y-o-y dip in 3Q2019 net profit to EGP 72.2 mn compared to EGP 91.6 mn a year earlier, according to the company’s quarterly earnings release (pdf). Revenues rose 19% y-o-y to EGP 462 mn, up from EGP 338.3 mn in 3Q2018. On a nine-month basis, Cleopatra’s net profits recorded EGP 170 mn, down 24.5% from EGP 225 mn a year earlier, while 9M2019 revenues increased 21% y-o-y to EGP 1.29 bn, from EGP 1.06 bn last year.
CHG to finalize acquisition of major IVF center in early 2020: The group is expecting to complete its acquisition of a majority stake in one of Egypt’s largest IVF centers by early 2020, the statement says. CHG, which entered into the agreement last June, is yet to disclose the name of the company or the size of the stake. “The target acquisition currently offers an extensive list of services including obstetrics, gynaecology, infertility, andrology, erectile dysfunction, dermatology, reproductive health and laser treatments, nutrition and health coaching, fetal medicine, psychology, and family health services,” reads the statement.