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Cleopatra Hospital’s profit drops 16% in 2019 despite higher revenue

Cleopatra Hospital’s profit drops 16% in 2019 despite higher revenue
The Egyptian firm’s revenues rose to EGP 1.8 billion
Cleopatra Hospital
CLHO
-0.83% 7.21 -0.06

Cairo – Mubasher: Cleopatra Hospital Co. reported a 15.8% year-on-year profit decrease during 2019, the company’s consolidated financial statements showed.

The company’s net profits went down to EGP 265.35 million last year from EGP 315.19 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.

On the other hand, the Egyptian firm’s revenues rose to EGP 1.8 billion in 2019, compared to EGP 1.45 billion in the prior year.

Meanwhile, the company’s administrative and general expenses hiked to EGP 337.9 million last year from EGP 182.4 million in 2018.

As for standalone business, Cleopatra Hospital Co reported net profits of EGP 197.7 million in 2019, down from EGP 204.2 million a year earlier.

It is worth mentioning that during the first nine months of 2019, the company’s net profits slid to EGP 169.9 million from EGP 224.9 million in the prior-year period, including minority shareholders’ rights.