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Wednesday, 30 September 2020

Cleopatra Hospitals on track for 15% revenue growth in 3Q2020

EARNINGS WATCH- Cleopatra Hospitals Group (CHG) is on track to record 15% y-o-y revenue growth in 3Q2020, with an expected q-o-q increase of 50%, according to a trading update (pdf) citing unaudited figures. The group expects to see its revenue grow 7% y-o-y in 9M2020. The anticipated uptick in CHG’s topline is supported by recovering patient volumes across the group’s different services caused by the lifting of coronavirus restrictions, the transformation of El Katib and Queens hospitals into covid-19 treatment facilities, and the introduction of a number of digital and at-home medical services for those unable to visit CHG’s hospitals.

The company has taken several steps in 3Q2020 to grow its business operations, “signing multiple new agreements to expand its service offering and penetrate into new, fast-growing segments of the healthcare industry.” These include the creation of a joint venture with Bedaya for Medical Services fertility center (60% owned by CHG), the creation of the Egyptian Healthcare Facilities Services joint venture (49% owned by CHG), and the renovation of Nile Badrawi Hospital’s 10th and 11th floors.

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