Mediclinic’s revenue from South Africa reaches R8bn, share price jumps | Fin24
 
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Mediclinic’s revenue from South Africa reaches R8bn, share price jumps

Oct 16 2019 13:49

Mediclinic’s share price rose 4% after the company released a trading update for the six months to end-September.  Its revenue rose by 6.5%, while its earnings before interest, tax, depreciation and amortisation (Ebitda) rose 3.5%.

In South Africa, first-half revenue rose 7% to R8bn, with an increase in inpatient bed days of 2.7%. It earned R105m in revenue from its Intercare hospitals – which owns medical and dental centres as well day hospitals.

“As expected, Intercare accounted for the majority of growth in the division’s inpatient bed days sold during the period at 2.4%,” Mediclinic said.

Its Swiss business Hirslanden, which treats a third of Switzerland’s private health patients,  has in recent months been hit hard by changes in government regulations, which limited payments from medical schemes for hospital nights.

In response, Hirslanden has initiated a new day case surgery strategy. Hirslanden saw a 5% increase in revenue.

Mediclinic a strong performance from its new Mediclinic Parkview Hospital in Dubai and “the continued gradual improvement in the Abu Dhabi business where Mediclinic Airport Road Hospital delivered good growth”.

Mediclinic Middle East saw revenue growth of 8.5%.

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