EARNINGS WATCH- Cleopatra Hospitals Group’s (CHG) net income rose 21% y-o-y in 4Q2020 to EGP 116 mn, up from EGP 95 mn in 4Q2019, the company said in an earnings release (pdf). Revenues for the quarter grew 19% y-o-y to EGP 611 mn, up from EGP 511 mn in the same quarter of 2019. Over the course of the year the company reported a 12% increase in net income to EGP 298 mn on the back of an 11% rise in revenues and efforts to reduce costs.

Rising patient volumes in 4Q point to full recovery from covid headwinds: The company saw patient numbers fall 11% during the course of the year, but an uptick in the final quarter is raising hope that a “full recovery” in volumes is around the corner, CEO Ahmed Ezzeldin said. “We expect to see them return to their pre-crisis growth trajectory in the near future,” he added.

Looking ahead: In the short-term, the company plans to enhance the quality of its services and support the increase in patient volumes through marketing campaigns. It will also continue rolling out new digital systems to improve operational efficiency. Over the longer term, the company is looking to open two new centers — one specialized in oncology at Queens Hospital, the other respirology at El Katib — and will continue working to obtain permits for a new hospital in Beni Suef.