The Cleopatra Hospitals Group is targeting to expand into new services as the medical care provider is seeking to boost its growth in 2019, Investor Relations Director Hassan Fikry told Daily News Egypt.
“We intend to expand into new services such as home care and home visits. We also plan to make further investments in our centres of excellence initiative,” Fikry explained.
The company reported a 186% year-over-year (y-o-y) increase in net profit to EGP 91.6m in the third quarter (Q3) of 2018 from EGP 32m in Q3 of2017, according to the company’s earnings release.
Revenues for the quarter stood at EGP 388.3m, up 32% y-o-y from EGP 293.2m in the same period last year.
Profit growth was driven by an internal integration programme and increased efficiency across its operations.
The top-line growth “is an encouraging indication that the group is heading in the right direction, and is a testament to the effectiveness of our comprehensive, long-term rationalisation programme,” CEO Ahmed Ezzeldin said.
Cleopatra shareholders also approved moving ahead with two inorganic growth options, approving the management’s plan to take over El Katib Hospital and to take a long-term lease agreement for a 50-bed specialist hospital in East Cairo.
Speaking of the company plans to acquire El Katib Hospital Fikry said, “The news on El Katib and the 50-bed East Cairo hospital are the opening moves of a six-stream inorganic growth strategy we’re rolling out in 2019 and beyond. This will include a mix of greenfields, brownfields and acquisitions, the pillars of which are the launch of our polyclinics franchise in Q1 of the new year, additional acquisitions of both operating and brownfield hospitals.”
Former Trade and Industry Minister and long-time PepsiCo executive, Tarek Kabil, has joined Cleopatra’s board as an independent director. Also joining the board is our friend Samia El Baroudy, who will represent shareholder Care Healthcare Ltd.