(Alliance News) - Mediclinic International PLC on Wednesday said its annual profit doubled on the back of increased client activity as the hospital operator managed to exceed pre-pandemic profitability and restored dividend.
The Stellenbosch-based private hospitals operator boosted its pretax profit two-fold to GBP211 million for the year ended March 31 from GBP104 million the year before.
Revenue rose 8% to GBP3.23 billion from GBP3.00 billion, helping lift adjusted earnings before interest, taxes, depreciation and amortisation to GBP522 million, up 23% from GBP426 million.
In 2020, adjusted Ebitda stood at GBP480 million, while revenue was at GBP3.08 billion.
Mediclinic reinstated its dividend, paying out 3.00 pence per share, having skipped it the year before.
Headline earnings per share climbed to 19.0p from 9.6p.
"The group delivered a strong operational and financial performance this year, driven by increased client activity across our care settings. As disruption from the pandemic receded, the fundamental demand for our broad range of healthcare services drove inpatient and day case revenue up 7%, and outpatient revenue up 10% compared with the prior year. Encouragingly, revenue and earnings exceeded pre-pandemic FY20 levels in all three divisions," Chief Executive Officer Ronnie van der Merwe said.
Mediclinic expects the positive momentum in revenue growth, margin improvement and earnings to continue in the 2023 financial year, driven by increased client activity supported by expected underlying economic growth in all three regions.
Seasonal trends in patient activity levels, most notably in Switzerland and the Middle East, are expected to return, in the absence of any material new waves of Covid-19.
Improving profitability and strong cash generation are expected to support continued deleveraging.
Switzerland expects to deliver modest revenue growth.
Southern Africa is likely to deliver revenue growth in the mid-single digit percentage range, while the Middle East projects revenue growth in the high-single digit percentage range.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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