Georgia Healthcare group net profit falls 25% in 2017
Source - SMW
Georgia Healthcare Group net profit in 2017 fell 25.1% to GEL45.9m from GEL61.3m a year ago.
Revenue rose by 76% to GEL745.7m from GEL423.8m, driven by pharma acquisitions, while gross profit increased by 56.1% to GEL228m and EBITDA rose by 38.6% to GEL108.1m.
Chief executive Nikoloz Gamkrelidze said: '2017 was a significant year of transition and progress for Georgia Healthcare Group, as the Group continued its recent substantial investment and business roll-out in all key areas of the healthcare system of Georgia.'
'In particular, this has involved the successful integration of our two recent pharma acquisitions and delivering key investment and growth priorities such as the Tbilisi Referral Hospital and Deka hospital redevelopment projects.
'Tbilisi Referral Hospital was completed and fully launched in December, while the Deka hospital has just been commissioned and will be launched in the next few days. Together, they add over 600 high quality new hospital beds to the Tbilisi hospital infrastructure.'
'We have remained focused on improving quality for patients and, in response to Government changes to Georgia's Universal Healthcare Programme in May 2017, diversifying our stream of revenues, the latter particularly by growing the pharma and polyclinic businesses.'
'In the fourth quarter of 2017, Group revenue growth was 45%, reflecting the benefits of our recent investments, the successful integration of businesses and continued good levels of organic growth. EBITDA totalled GEL 30.9 million, an increase of 27% year-on-year and 18% quarter-on-quarter, whilst profit before tax totalled GEL 12.1 million, a 23% increase quarter-on-quarter.'
At 8:52am: (LON:GHG) Georgia Healthcare Group Plc share price was -2p at 325.5p