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Monday, 16 March 2020

Cleopatra Hospitals profits fall 16% in 2019

EARNINGS WATCH- Cleopatra Hospitals Group reported a 16% dip in net profit in 2019 to EGP 265.4 mn from EGP 315.2 mn a year earlier, according to the company’s earnings statements (pdf). Revenues rose 23% y-o-y to EGP 1.8 bn, up from EGP 1.45 bn the previous year. In 4Q2019, CHG generated profits of EGP 95.4 mn, up 6% y-o-y. CEO Ahmed Ezzeldin said the company had produced “excellent operational and financial results” during a year that saw it add four new facilities including Queens and El Katib hospitals in addition to conducting expansions at Al Shorouk and Nile Badrawi Hospitals.

Looking forward: “We enter 2020 with renewed confidence that the solid fundamentals that underpin the Egyptian economy and the foundations we laid over the course of the 12 months, have us placed in an ideal position to continue generating sustainable value for stakeholders,” Ezzeldin said. “I am particularly excited about the rollout of the first phase of our Beni Suef hospital, the group’s first facility outside Greater Cairo which we expect to complete during the last quarter of 2020.”

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