Back to the complete issue
Monday, 21 March 2022

Cleopatra Hospitals, Ibn Sina report 2021 results

Cleopatra Hospitals (CHG) reports record 4Q2021 results: Cleopatra Hospitals Group’s (CHG) net income grew 6% y-o-y in 4Q2021 to EGP 122.6 mn, according to the company’s earnings release (pdf). The company’s bottom line was underpinned by its highest-ever quarterly revenues, rising 6% y-o-y to EGP 648.7 mn. On a full-year basis, CHG’s net income rose 38% y-o-y to EGP 410.7 mn, with revenues growing 28% to EGP 2.54 bn.

Growth was “balanced” across CHG’s facilities, with its polyclinics delivering 70% top line growth and fertility-specialist Bedaya Hospital recording a “steady increase in patient volumes,” boosted by a growing demand in medical tourism. The group served 1 mn cases across its facilities throughout the year, which allowed it to deliver on its long-term targets. The group’s covid-related revenues grew 49% to EGP 274.6 mn, contributing to 11% of its total revenues for the year.

“2021 was a transformational year for CHG which saw us deliver robust financial and operational results while taking important strides forward on our longer-term growth and development strategy,” CEO Ahmed Ezzeldin said.

Looking ahead: The group launched a new multi-specialty surgical model in its El Katib Hospital, the results of which it expects to see reflected on revenues later this year. “Our overarching goals for 2022 remain unchanged as we look to drive new organic and inorganic growth, further optimize all aspects of our operations, and, most importantly, continue serving our patients and their families to the best of our abilities,” said Ezzeldin.


Ibnsina Pharma’s net income more than tripled y-o-y in 4Q2021 to EGP 74.4 mn, according to the company’s earnings release (pdf). The company booked revenues of almost EGP 6 bn, rising 20% y-o-y. On a full-year basis, the company’s bottom line rose 40% y-o-y to EGP 315.7 mn, on the back of a 16% y-o-y increase in revenues to EGP 21.7 bn.

Price hikes, OPEX cuts drive growth: Ibnsina reported sales growth of more than 7% during the year, which it said was “mainly driven by increases in the average selling price.” The company also said it had managed OPEX growth, cutting OPEX to sales to 3.8% from 4.4% in 2020.

Looking ahead: Ibnsina is forecasting double-digit retail sales growth in 2022 as strong economic growth and a rising population supports consumer demand. It also expects non-retail sales to grow this year in anticipation that public procurement processes will become more efficient.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.