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Monday, 22 June 2020

Cleopatra Hospitals profits up 60% in 1Q2020

EARNINGS WATCH- Cleopatra Hospitals Group reported a net profit of EGP 88 mn in 1Q2020, up 60% from EGP 55.1 mn in 1Q2019, the company said in an earnings release (pdf). Revenues came in at EGP 502.9 mn, a 21% increase from EGP 416 mn last year. CHG was able to “deliver strong top and bottom-line growth with margins in line with their historical averages” and now has a strong liquidity position with cash on hand as of 31 March, CEO Ahmed Ezzeldin said. “This serves as a testament that the group’s underlying business development remains intact and that our business model is resilient.”

Looking ahead: Ezzeldin expects a slowdown in second quarter results with volumes falling to pre-covid levels. “We are cautiously optimistic that once the crisis resolves our proactive response to the outbreak, the strategic initiatives we have taken to mitigate the operational and financial impacts, the outstanding efforts of all our staff, and the solidity of our business model, will see us emerge in an even stronger position within the Egyptian healthcare industry,” Ezzeldin said.

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